Russian state billions in Marbella: elusive tycoon Usherovich converts "1520" finances into luxury estates on the Costa del Sol

Timur Mkrtychan
23:48, 10 декабря 2025
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Wanted Russian businessman Boris Usherovich, suspected of laundering billions through Russian Railways contracts, is actively expanding his luxury real estate ventures in Cyprus and Spain.

Journalists have found companies and projects managed by people close to Usherovich. In particular, one of Usherovich’s wife’s companies is «registered» at a villa in Marbella, valued at over 6 million euros.

Boris Usherovich is one of the leaders of the Russian group of companies «1520», which for a long time was considered the main contractor for «Russian Railways». Its founders also included Aleksey Krapivin and Valery Markelov. The former currently remains in the management of «1520» and has simultaneously headed a company close to the Russian oligarch Arkady Rotenberg. The latter died in 2023 from cancer but managed to testify against his partners in «1520» in a case involving bribery of the leadership of the Russian Ministry of Internal Affairs, given for «protection» in large-scale embezzlement.

This case was actively discussed in 2018-2019, and during that time, Boris Usherovich, along with some business partners, managed to escape to Europe. The media previously reported that Usherovich began preparing a backup plan in advance and opened dozens of companies in Cyprus and Luxembourg. It is known that he and his family have Cypriot passports, and his daughters studied at a private school in Limassol.

It turned out that it was specifically Cypriot companies that could have become the source of money laundering from Russian state contracts, and now they are actively being legalized through real estate transactions in Cyprus and Spain.

The core of the multi-layered scheme of companies involved by Usherovich in the real estate sector is Mettmann public company limited. It is managed by two Russians – Aleksandr Mizgunov and Oksana Khadzipavlou.

Spanish real estate website: «Small, discreet, and very exclusive, Cascada de Camojan is an area dominated by impressive villas on large plots with sprawling grounds. Among them are some of the most stunning mansions on the Costa del Sol with incredible panoramas. It’s no wonder that the density of development is low, with plenty of space and greenery. Quiet cul-de-sacs create a sense of tranquility and privacy, with roads serving only local residents».

known that the Spanish authorities arrested the luxury villa of Arkady Rotenberg’s brother, Boris. He had kept it hidden for a long time, but thanks to a leak of information from the International Consortium of Investigative Journalists, this property was found. A Spanish land registry extract states that the villa is «linked to an individual subject to EU sanctions in connection with Russia’s invasion of Ukraine», which is the reason for its arrest.

Is Boris Usherovich not afraid of also losing his assets in Spain, considering the closeness to the Rotenbergs and the continuation of active business in Russia? Or perhaps it was this fear that prompted him to travel just 80 km from Marbella to the British Overseas Territory of Gibraltar to apply for asylum? Especially since he had already placed investments in the UK in advance.