Federation Council Speaker Valentina Matvienko has called on Alexei Mordashov, a co-owner of the Russian steelmaker Severstal, to repatriate money from offshore accounts to Russia.

“Our colleague Mordashov has taken the top spot on the Forbes list, and we’re very happy about that — it’s good that our people are getting rich. But in this situation, perhaps one should weigh one’s options and maybe bring some of that offshore money back to the Russian Federation,” Matvienko said at a Federation Council session on April 29.

She added that beyond laws, “there must also be laws of conscience, patriotism, love for one’s native land, one’s fatherland, and respect for the people who earned you those enormous billions.”

Severstal pushed back on the remarks, telling the Russian business news outlet RBC that Mordashov has no offshore accounts and that his assets are located in Russia. Because both Mordashov and Severstal are under Western sanctions, the company said, he cannot have offshore accounts.

A company representative added that Severstal, along with other companies in the ferrous metals industry, is in crisis, but that despite this it is not merely a responsible taxpayer but a systemically important enterprise in the Vologda Region.

The company urged Matvienko’s staff to carefully verify information before presenting it to their supervisor, or better yet to contact Severstal directly when the matter concerns the company.

Valentina Matvienko made the statement just days after Mordashov’s 142-meter superyacht Nord passed through the blockaded Strait of Hormuz.

Alexei Mordashov is Russia’s wealthiest businessman, according to Forbes. The magazine estimated his net worth at $37 billion in March 2026, making him the first Russian businessman with a fortune exceeding $30 billion, Forbes Russia reported.