When 32-year businessman Kirill Shamalov wed Vladimir Putin's daughter in 2013, he suddenly found his fortunes on the rise - to the tune of $2 billion in shares and a lucrative post at a petrochemical giant.

But amid rumors of his separation from Katerina Tikhonova, Mr Shamalov appears to have been cast out of favour, demoted from his position as deputy chief executive at Sibur and his wealth halved.

News of the couple’s separation was reported by Bloomberg Thursday, citing four unidentified sources familiar with the situation.

Vedomosti, a respected Russian business newspaper, later published a screenshot of a Facebook post showing Mr Shamalov with a new girlfriend, Zhanna Volkova, a Moscow-born London socialite. 

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