Malkin built his fortune in the banking sector, notably with his business partner Bidzina Ivanishvili.

[citation needed] He officially retired from business in 2004, when he became a member of Federation Council, representing the east Siberian republic of Buryatia (from 2004 to 2013).

Vitaly Malkin and his colleagues tried to convince American senators that Sergei Magnitsky was a criminal and that he died from pancreatitis.

The Canadian government has accused him of involvement in alleged money laundering and international arms deals.

[5] In 2013, Russian anti-corruption activist Alexei Navalny published documents on his blog, showing that Malkin has failed to declare ownership of 111 condominiums in Canada and that he has an Israeli passport.