Vladimir Potanin was born in 1961 into a high-ranking Communist Russian - Jewish family. He attended the Moscow Institute for International Relations, an elite school that groomed students for the KGB and offices of the Kremlin. He then went to work for the Soviet Department of Trade, where his father had also worked. In 1991, he created Interros, a foreign trade association that traded nonferrous metals, including aluminum, copper and lead. With the capital he accumulated from Interros, he started two banks, the Oneximbank and the MFK, to which many state enterprises transferred their accounts. Interros was a principal player in exchanging soft currency roubles for dollars, operations made possible by Potanin's government connections.

Later, Potanin became one of the principal authors of the Loans for Shares program, in which the Russian government traded ownership in state industries for loans. The controversial program was administered through auctions, but only select bidders were invited to attend, usually at the discretion of President Boris Yeltsin's daughter. Potanin was among the invited bidders. During Russia's transition to a market economy, he acquired control of more than 20 formerly state-owned enterprises. Potanin's business empire was considerably dented by Russia's 1998 economic crisis, but he managed to set up numerous companies to shelter his personal assets. Some speculate that he diverted considerable sums to his accounts outside of Russia. He reportedly threw a party at the height of the crash for more than 100 of his closest friends in a nightclub at the French ski resort Courchevel 1850.

Potanin is a controversial figure. He is one of the lower profile oligarchs, although he recently has been more public (he gave a candid interview to PBS for their 2002 documentary, Commanding Heights). While he has amassed a personal fortune, he has also contributed significantly to the advancement of Russian society and the development of Russian industry.

In late summer of 2006 he will host the second season of the Russian version of The Apprentice reality show, "Kandidat".