Viktor Filippovich Rashnikov (born October 13, 1948) is a Russian billionaire businessman. An oligarch, he made his wealth (estimated at $9.1 billion in February 2019) in the iron and steel industry, being the majority owner of Magnitogorsk Iron & Steel Works (MMK), one of the world's leading steel producers. He owns Ocean Victory, at the time of her construction the 10th largest yacht in the world. Following Russia's invasion of Ukraine, Rashnikov and MMK were placed on sanctions lists by the USA, UK and EU. In September 2022, Hungary sought to have Rashnikov dropped from the EU's list. Education In 1974, Rashnikov earned a bachelor's degree in metal forming process at the Magnitogorsk Institute of Mining and Metallurgy. He later gained another degree in Organization of Production Administration, graduating from that program in 1994. Rashnikov received his doctorate in Technical Sciences in 1998. In addition to writing many research papers and scientific reports, he has implemented numerous engineering solutions. In 2002 he was elected to the position of Honored Professor at the Moscow Institute of Steel and Alloys. Additionally, he holds a role at the Russian Academy of Quality Problems as an Academician. Career Rashnikov first began his career with the Magnitogorsk Iron & Steel Works (MMK) in the company's repair shop as a fitter in 1967. Since then, up through 1991, Rashnikov advanced through a number of management positions at MMK, including that of Head of Production and Products Supply. In 1991, he was made Chief Engineer and First Deputy General Director for the firm. In 1997, Viktor Rashnikov succeeded in rising to the role of General Director at MMK, before finally becoming in 2005 its chairman of the board. Leadership at MMK Having worked his way up through various positions at MMK, Viktor Rashnikov was able in the 90's to attain near complete control of the company through the purchase of shares on the market (87.26% as of May 2017). The results of Rashnikov's leadership at MMK are described by some as "impressive", "By 2007, 10 years after Mr. Rashnikov became director, MMK doubled steel production from 6m to 12m tonnes a year." "Steel king with magnetic effect", Financial Times, 2008.It was under Rashnikov's tenure as chairman of the board of directors in 2007 that MMK became a publicly traded company on the London Stock Exchange. He implemented a full-scale investment program including modernization of five blast furnaces,