Shamalov became an industry leader in 2012 when the owners of Sibur promoted him from Vice President of Business Administration to Deputy CEO. He was given a 4.3% stake in in the company. With the help of a loan from Gazprombank, Shamalov purchased an additional 17% of Sibur from Gennady Timchenko, owner of Sibur, for roughly $2.2 billion.
In April of 2017, Bloomberg reported that Shamalov sold his shares of Sibur that he purchased from Timchenko to Leonid Mikhelson, the other owner of Sibur.
In January 2018, Shamalov separated from his wife, Katerina Tikhonova, Putin’s youngest daughter. He allegedly lost 50% of his wealth as a ‘punishment’ for this separation.