Kathrine Frich
A new investigation has drawn a financial line from a lavish Black Sea estate long linked to Vladimir Putin to foundations associated with Alina Kabaeva.
According to anti-corruption activists, millions left over from the palace project were redirected into accounts tied to the former Olympic gymnast.
Putin’s Palace
Meduza reports that the Anti-Corruption Foundation (FBK), founded by the late opposition leader Alexei Navalny, examined banking records related to the company behind the residence known as “Putin’s palace.”
The luxury complex near Gelendzhik in southern Russia was first exposed by Navalny’s team in 2021.
Putin and Kremlin spokesman Dmitry Peskov have repeatedly denied that the property belongs to the Russian president.
Surplus funds
The company overseeing construction, Investitsionnye Reshenia (Investment Solutions), allegedly completed the project in 2023 with 6.5 billion rubles remaining, roughly $84 million at current rates.
FBK says almost half of that sum, three billion rubles (about $39 million), was transferred to the Alina Kabaeva Charity Foundation.
Public records reviewed by the investigators indicate that the foundation’s charitable spending amounted to only tens of millions of rubles, covering activities such as support for female athletes, a rhythmic gymnastics festival and the restoration of a church in Crimea.
Much of the remaining money was reportedly placed in interest-bearing deposit accounts.
Heavenly grace
The remaining 3.5 billion rubles (around $45 million) allegedly went to another Kabaeva-linked nonprofit, Nebesnaya Gratsiya (Heavenly Grace), which focuses on rhythmic gymnastics.
According to FBK, expense reports show that more than 30 million rubles were spent at the Peterhof Imperial Factory, a luxury watchmaker said to be favored by Putin.
The foundation also financed gymnastics camps in Valdai, near a residence reportedly used by Putin in the Novgorod region.
Allegations and denial
FBK claims the camps may have provided opportunities for children identified by the group as Putin and Kabaeva’s to interact with peers.
The Russian president has never publicly acknowledged such a relationship, and neither he nor Kabaeva have confirmed having children together.
The investigation further alleges that most of the funds transferred to Heavenly Grace were placed in deposit accounts, generating 435 million rubles in interest in 2024 alone.
FBK concluded that the foundations function as “secret funds” used to finance what it described as a private family lifestyle “under the guise of philanthropy.”
There has been no immediate public response from the Kremlin or from Kabaeva regarding the latest allegations.
Sources: Meduza, Anti-Corruption Foundation (FBK), Digi24
