[3] Attorneys for business – Alexander Dobrovinsky (Russian: Александр Добровинский) who also had as clients Alimzhan Tokhtakhunov "Taiwanchik", Mikhail Cherny, Grigory Luchansky, Akezhan Kazhegeldin and for personal – Samir Kapura (Russian: Самир Капура)[3] His first position in business was with the Cherneys and the Reuben brothers and their Trans-World Group, which was at that time the largest metal trader in Russia.

[4] Now Makhmudov is the main owner of Uralskaya Gorno-Metallurgicheskaya Kompaniya (UGMK) Holding which he formed with support from his childhood friend Jalol Khaidarov (Russian: Джалол Хайдаров).

[citation needed] Makhmudov's ascension to success began in 1991 when the state economy was replaced with capitalism after the fall of the USSR.

[6] In 2011, both Makhmudov and his business partner Bokarev replaced Gennady Timchenko as head of the Economic Council of Russian and French Enterprises.

In November 2012, it was reported that Russian Railways intends to sell half of its shares (25% ownership in Aeroexpress) to TransGroup AS Ltd.[9] "According to some [Russian] media, President of the Ural Mining and Metallurgical Company ("UMMC") Makhmudov bought a controlling stake in the football club CSKA.

International Space Services, which is owned by Ural Mining Company, sells Zenit-operated launches from Baikonur.

Baikonur, formerly known as Leninsk, is a city in Kyzylorda Province of Kazakhstan that is rented and administered by the Russian Federation.

[12] In December 2012, Makhmudov and his business partner Andrei Bokarev have purchased a 13% ownership in LLC Transoil.

They purchased the shares from Gennady Timchenko, co-owner of the global commodity trading company Gunvor.

[15] CJSC Transmashholding (TMH), a holding company owned partially by Makhmudov, is Russia's largest producer of rolling stock for railways and subways.

[16] In November 2012, Anatomy Ledovskikh, the former head of Russian's Federal Agency for Subsoil Use, was elected chairman of the board at Transmashholding, one of the companies owned by Iskander Makhmudov.

Alstom is a France-based engineering company serving the power generation and rail transportation industries.

Makhmudov and his business partner Andrei Kozitsyn met with the two head executives from Hyatt Hotels in Yekaterinburg to discuss the project.

[27] According to Russia & CIS Business & Financial Daily, Makhmudov will budget approximately 60 billion rubles in 2013 for investments.

[28] According to SKRIN Market & Corporate News, Makhmudov planned to direct his company to develop a new regional jet by 2015.