Russian Philanthropist Vladimir Potanin has announced that he is establishing a 100 billion ruble ($1.4 billion) endowment for his philanthropic organisation, the Vladimir Potanin Foundation.
‘I have dedicated all my entrepreneurial life to philanthropy, and this is my conscious choice. Long ago, I made a decision that my fortune should work for the good of society. My Foundation has been implementing systematic projects since 1999. The pandemic 2020 year demonstrated the significance of ensuring the sustainability of organizations,’ said Potanin.
‘Recent amendments to legislation have unequivocally combined philanthropy and endowments. I consider the endowment model to be a strategically important instrument not only for achieving long-term goals and implementing large-scale projects in education and culture but also for supporting socially important initiatives in Russia.’
The Vladimir Potanin Foundation was established in 1999 and was the first private foundation in Russia. In recent years, it has adopted a new strategic vision and scaled up its activities and budget according – since 2016, its budget has grown by almost 500 per cent.
‘The Foundation has come a long way since its inception. It has accumulated substantial experience, and the time has come to move on. Ten years ago, Vladimir Potanin announced that most of his fortune would be used for philanthropic work. The endowment is yet another mechanism for bringing this decision forth and guaranteeing that the charity programs will continue to operate in the future,’ said Larisa Zelkova, Chair of the Foundation Board.