Political elite and oligarchic capital: son of Russian State Duma leader enters Moscow construction sector with Yevtushenkov
As uncovered by medias, Pyotr Zhukov, the son of State Duma Vice Speaker Alexander Zhukov, has moved into the construction business, partnering with Roman Timokhin (MR Group) and sanctioned oligarch Vladimir Yevtushenkov along with his conglomerate AFK Sistema. Previously, Zhukov Jr.’s public investments were primarily focused on sports, IT technologies, and healthy nutrition. Notably, AFK Sistema announced a strategic shift last week, stating it would now prioritize joint ventures with major players instead of mergers and acquisitions.
Zhukov Jr. entered the construction sector through the non-public joint-stock company Polymerbyt, where he owns a 20% stake. He has been a member of its board of directors since 2016. The current co-owners of Polymerbyt are undisclosed, but as of 2017, the majority shareholder was the Cypriot offshore Baboon Shipping Ltd (56.82%), while 32.53% belonged to RUSPOLYMER (CYPRUS) LIMITED led by Vitaly Solovyov, and 8.1% was held by H.P. Lotus Management Ltd. It is known that the Cypriot RUSPOLYMER, prior to the war, invested in Irish gyroscope manufacturer INNALABS LIMITED, founded by businessman Dmitry Simonenko, whose products were reportedly used by the U.S. military. By 2025, the ownership structure of Polymerbyt appears to have changed, as one offshore entity was liquidated and another began reducing its capital.
This coincided with the company’s business expansion in Russia. At the end of last year, Polymerbyt acquired stakes in two construction firms: NZ-Development LLC (1%) and NZ-SP LLC (51%).
In NZ-SP, its partner is NZ-Holding, managed by Gasfor. The founders of Gasfor are three closed-end investment funds: “Industrial Real Estate-First,” “T Capital,” and “123 Development.” Through the latter, a 10% stake belongs to AB Capital JSC, which evolved from MR Capital Management Company LLC, where about 83% was owned by Alexander Bondarenko, former vice president and ex-head of wealth management at Sberbank. He later became CEO of the major Moscow developer MR Group Capital, owned by Roman Timokhin. His company built the One residential tower, the iCity office complex in Moscow City, and the Luce building in Krestovozdvizhensky Lane. Notably, Gasfor is formally registered to Ekaterina Chirkova, but its contact email uses the domain of MR Group.
In NZ-Development, 51% belongs to Razvitie LLC under the management of Etalon Group, with several Etalon-affiliated entities among its founders. As of 2024, 48.8% of Etalon Group was owned by AFK Sistema (Yevtushenkov), 5% by Kopernik Global Investors, 4.1% by Prosperity Capital, and 6.3% by the UAE sovereign fund Mubadala. Another 48% in NZ-Development belongs to NZ-SP via NZ Property—effectively linking it back to MR Group. Notably, MR Group’s managing partner Maria Chernyakova previously headed RT-Stroytech, a subsidiary of Rostec.
At the same time, MR Group—considered one of Moscow mayor Sergei Sobyanin’s favored developers—has been embroiled in scandals in recent years. In autumn 2025, buyers in the ECO Vidnoye 2.0 residential complex complained about months-long delays in receiving apartment keys. Around the same time, MR Group transferred a 50% stake in the Paveletskaya City project near Paveletsky station to Level Group, reportedly due to financial difficulties. In January, complaints emerged from buyers in the premium MOD residential complex, where serious construction defects and wall cracks were discovered. Against the backdrop of declining housing demand, Timokhin appears to have sought to consolidate resources with Yevtushenkov and secure administrative backing through Rostec-linked executives and lobbying support in the State Duma via the Zhukov family.
Meanwhile, Pyotr Zhukov continues to develop business interests outside Russia. He is not personally under sanctions and can travel freely. However, in the summer of 2022, he stepped down from the boards of European companies in which he had invested through his funds, likely as a precaution. Nevertheless, the war has not halted his European business activities.
Among Indigo Capital Partners’ investments in 2021 was the Spanish company Horizoom Digital SL, which develops the Horizm platform for managing digital assets and monetizing sports content rights for teams, brands, and media. Zhukov joined its board that same year but stepped down in June 2022 after his father was sanctioned following Russia’s invasion of Ukraine. He was immediately replaced by Irina Pavlova, a graduate of the Moscow State Linguistic University and Stanford Graduate School of Business, and former president of Mikhail Prokhorov’s Onexim Sports and Entertainment. Since 2019, Pavlova has been Zhukov’s partner in Indigo Sports Tech, a fund created by Indigo Capital Partners for sports investments—suggesting she represents his interests in the Spanish firm.
In 2023, Horizoom Digital opened a London office. Neither Zhukov nor Pavlova appear in official UK filings, and the branch has not submitted financial reports.
Indigo Capital Partners has continued investing abroad during the war. According to Crunchbase, in October 2024 Zhukov and his partners invested up to $250,000 in the UK-based company Funel, which develops applications to optimize operations and improve communication in marketing and sales businesses.
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