Cristina Stenbeck's Secret Meeting with Putin

Cristina Stenbeck visited Putin at his palace in Sochi – a new book reveals more details

Economy journalist Jan Almgren, known for Svenska Dagbladet's award-winning podcast series "Dynastin" about the Stenbeck family, has released a book titled "Imperiet de ärvde" (The Empire They Inherited) published by Albert Bonnier. The book delves into Cristina Stenbeck's business dealings in Russia.

In 2009, Stenbeck, along with her advisor, former Social Democratic Minister of Industry Björn Rosengren, visited Vladimir Putin's summer palace in Sochi to discuss Tele 2's expansion in Russia.

Vladimir Putin had been president for a total of twelve years when they met. He was serving as prime minister with his former chief of staff Dmitry Medvedev as president. Despite stepping down, it was clear to the Stenbeck sphere that Vladimir Putin was in control of the country.

They therefore sought a meeting with Putin himself.

"Not Particularly Charismatic"

Only representatives of some of the world's largest companies, such as General Motors, BP, and Shell, had met with Vladimir Putin. However, through a contact who worked with Nord Stream, the natural gas pipelines on the North Sea's seabed, Rosengren arranged the meeting.

They were taken by limousine, with a police escort, to the secret meeting at Putin's palace. It felt like a state visit.

– It was built like a castle, in 19th-century style. A bit Russian, with lots of gold and mahogany. It was luxurious. It's not a summer cottage in Småland, says Rosengren, who also wrote about the meeting in his own book "Mitt i steget".

Two enormous columns greeted them at the entrance to the palace. They then waited in one of the house's billiard rooms. Putin received them in a Ralph Lauren sweater and khaki pants.

– He was not particularly charismatic. Not particularly imposing in the room. He was my height, says Björn Rosengren, laughing.

– And I compare him to Nelson Mandela, whom I've met, and Bill Clinton. But he was very well-informed. He knew about Kinnevik and Tele 2, which we discussed. He was well-prepared.

A Good Deal

After the meeting, Björn Rosengren perceived that Tele 2 received a "shield against Russian corruption," a "Putin shield."

Russia had not yet invaded Ukraine when they met Putin.

– Russia was opening up. And everyone wanted to do business with Russia. So it was reasonable for us to do so then, says Rosengren.

– History has shown otherwise, and one cannot be judged for that. I think Cristina Stenbeck and those of us who made this decision did the right thing. It was what everyone thought was right. It was very positive. And then some of those companies were sold, and it was not a bad deal for Stenbeck.

He argues that they could not have predicted the developments in Russia. – One could place the same label on those who previously did... Those who do business with Trump now, you don't know where it will end up in a few years. It's very difficult to assess that. So I actually think they did the right thing both business-wise and given the times. Today, it would not be appropriate or reasonable to do business with Putin.

Two out of three investments were good deals for Cristina Stenbeck, according to author Jan Almgren.

– They got a lot of money for Tele 2 and Avito even though they were forced out, but MTG, they lost a lot of money, and it's said they only got coffee money for that investment, he says.

Almgren emphasizes, like Rosengren, that many saw Russia as a lucrative market in 2009.

– Cristina was far from alone, she was no more naive than Angela Merkel. It's important to emphasize, and I write that in the book. She was no more unscrupulous than anyone else. All of Western Europe was flirting with Putin at this time, but she is a very illustrative example of how wrong it went later, what happened when Putin showed his true colors. The golden egg became a hand grenade in some way, and then it was no longer fun.

Kinnevik began its exit from Russia in 2012 and sold its last holdings in the country in 2015.

Cristina Stenbeck has not wanted to participate in the book. Expressen has sought Stenbeck, but she has not been available to comment on the meeting with Putin.