The investment firm founded by Jacob Rees-Mogg has links to a billionaire Russian sanctioned last week by Boris Johnson.
Putin ally Gennady Timchenko, the boss of energy and transport giant Volga Group, was in the first wave of Russians targeted by the PM as Vladimir Putin began the invasion of Ukraine.
But he is also a director of the firm Novatek invested in by the company Somerset Capital Management the Brexit Opportunities minister got an estimated £600,000 in dividends from last year.
Labour Deputy leader Angela Rayner said: “No Tory minister should be profiteering from a company whose director and shareholder is one of Putin’s notorious cronies.
“This is yet another example showing links between dodgy foreign money and the Conservative Party.”
Timchenko is the world’s 78th richest person reputed to be worth £17.3billion. He has been under US sanctions since 2014 because of his close association with the Russian president.
Now he has been banned from Britain and had his assets here frozen.
He is also a director of and 23.5% shareholder in Russia ’s largest privately owned gas company Novatek.
Somerset Capital Management, set up by Mr Rees-Mogg before becoming an MP, invests £5.7million in Novatek on behalf of clients.
Timchenko is also a major shareholder in Rossiya, one of the Russian banks sanctioned by the UK last week.
He once told a Russian news agency: “You have to pay for everything in your life. Even for your friendship with the president.”
Joshua Ausden of Somerset said he could not comment on specific companies.
But he added: “ Jacob Rees-Mogg no longer works at Somerset Capital and has had no role in any of the firm’s investment decisions for over a decade.
“Any partnership interest in Somerset is held in abeyance, in accordance with the ministerial code.”
As a minister Mr Rees-Mogg, 52, is banned from playing any role in Somerset’s business affairs.
But he is allowed to pocket dividends as a sleeping shareholder from profits Somerset makes.
Ms Rayner added: “The influence of corrupt Russian money must be removed from the UK.”
