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Odyssey Moscow: One American's Journey from Russia Optimist to Prisoner of the State
‘A riveting tale of betrayal and lawlessness by the Russian Government, told by the most successful US investor in Russia’ – Ambassador John Sullivan, US Ambassador to Russia 2020–22
It is dawn on Thursday, 14 February 2019, and armed FSB agents are raiding Michael Calvey’s Moscow apartment.
He is being arrested for a crime that never happened.
Twenty-eight years earlier, Calvey – a newly graduated, aspiring Wall Street hotshot – made a short trip from America to the recently collapsed USSR to look at potential investments. Sensing huge opportunity, he soon based himself in Moscow, where he lived through the ‘Wild East’ years and went on to build several billion-dollar funds – earning enormous returns for Western investors as Russia opened up to international business. He gained a reputation that would lead to Bloomberg describing him as ‘a legend in the Russian market, with a reputed aversion to any kind of foul play’.
But now, he finds himself thrown into Moscow’s notorious Matrosskaya Tishina prison on charges trumped up by local business rivals. As the White House and Kremlin argue about his incarceration, Calvey is caught in a Kafka-esque trap, denied access to evidence proving his innocence.
Odyssey Moscow is the story not just of Michael Calvey, but of how Russia’s era of hope and aspiration finally died, and how light can be found in the darkest of places.
It is dawn on Thursday, 14 February 2019, and armed FSB agents are raiding Michael Calvey’s Moscow apartment.
He is being arrested for a crime that never happened.
Twenty-eight years earlier, Calvey – a newly graduated, aspiring Wall Street hotshot – made a short trip from America to the recently collapsed USSR to look at potential investments. Sensing huge opportunity, he soon based himself in Moscow, where he lived through the ‘Wild East’ years and went on to build several billion-dollar funds – earning enormous returns for Western investors as Russia opened up to international business. He gained a reputation that would lead to Bloomberg describing him as ‘a legend in the Russian market, with a reputed aversion to any kind of foul play’.
But now, he finds himself thrown into Moscow’s notorious Matrosskaya Tishina prison on charges trumped up by local business rivals. As the White House and Kremlin argue about his incarceration, Calvey is caught in a Kafka-esque trap, denied access to evidence proving his innocence.
Odyssey Moscow is the story not just of Michael Calvey, but of how Russia’s era of hope and aspiration finally died, and how light can be found in the darkest of places.
280 pages, Paperback
Published April 29, 2025
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Displaying 1 - 8 of 8 reviews
July 31, 2025
My review here is biased - not because I know the author, but because like him, I moved to Moscow to start a company which I ran there for ten years, although on a much smaller scale as a service business. As a sign of how small the international business community was, even though our businesses operated in separate fields, I know and have worked with perhaps half a dozen of the characters mentioned in the book. With that in mind, for this reviewer the book was a form of catharsis, bringing back memories - good and bad - that came from living and working in Russia during the Putin years.
The brief synopsis of the book is an explanation of what bought Calvey to Russia in the 1990s with the EBRD, how he built his Private Equity firm from 1997 onwards, the challenges and opportunities that came with the 1998 crash, the booming oil prices in the 2000s and the fast growing consumer class with it, the various companies they invested in, all interspersed with a much more granular description of his later arrest, imprisonment and trial.
Regarding his ordeal with the prison system, the author is careful to keep in perspective the difference in experience he has as a famous foreigner compared to what Russians go through year after year, generation after generation. "In Russia ‘the security system’ can never admit a mistake for fear it might set off a chain reaction that will jeopardise its entire legitimacy" and this, in a country where "among those who don’t understand entrepreneurship – including many of Russia’s investigators and prosecutors – there is a belief that one person’s gain is always someone else’s loss." With the high levels of corruption which never really went away even after the 1990s, the result is many Russian entrepreneurs are banged up illegally whilst the most corrupt and richest (and closest to "the body" of Putin) act with impunity, hunting down competitors and threats. Igor Sechin would be a prime example, but the whole system is predatory. You don't need to tell Russians this, but good luck convincing the majority that change is possible - as he notes, "more than any other nationality I have ever known, Russians can be hyper-critical of their own country yet deeply patriotic at the same time."
Interesting, Calvey notes that "growing accustomed to non-stop, optimised business travel and on-demand support from our efficient team, I was highly productive but ceased being grounded in the real lives of normal people – something I had sworn to myself I would never do." It's a common theme amongst the political class as well.
The more detailed parts describing the experience of being a prisoner are well told. His affection toward the inmates he spent a few months with shines through. He is right to call for Western countries not to close anti-Putin Russians off - most have had to find refuge outside the West and their departure is the most extreme form of political protest possible in Russia today; as he says at the end "Emigration from Russia since 2022 has reached almost a million people. The scale almost exceeds even the last great human exodus from Eastern Europe after the Russian revolution in 1917."
One scene that made me laugh out, hints at the often absurd, 'don't know whether to laugh or cry' moments that you experience living in the country; towards the end, when he is being driven to a court case with a bunch of other convicted men, one of the prisoners recognises him and uses the opportunity to pitch an investment ideas. "Like any venture capital investor, I get approaches all the time from aspiring entrepreneurs, but this one is truly hilarious. He earnestly delivers his sixty-second elevator pitch, determined not to miss his chance regardless of the setting, being one of a dozen prisoners handcuffed in a dimly lit cage. I can’t stop myself from laughing at the incongruity of it all."
Finally, there is the issue of corruption and western business' place in it. The author states that "I was never naïve about the depth of corruption in Russia, but wrongly assumed that it would never be applied against someone like me" and that whilst being aware of the corruption, "those were the rules of the jungle, as I saw it, and as a foreigner you couldn’t change it, so you either accepted it or got out." The idea isn't expanded upon, but it does make you wonder how much corruption Western asset owning businesses have to get involved in to operate. In any case, I'm sure Calvey would argue that he and his firm were doing more good than bad for the country, investing and developing companies like Yandex that became integral parts of the Russian economy. Ironically, Yandex now has been taken over by Kremlin loyal managers - its powerful technology and internet market dominance no doubt being put to use by that same FSB that arrested Calvey. Such are the painful, ironic realities of Russia today.
The brief synopsis of the book is an explanation of what bought Calvey to Russia in the 1990s with the EBRD, how he built his Private Equity firm from 1997 onwards, the challenges and opportunities that came with the 1998 crash, the booming oil prices in the 2000s and the fast growing consumer class with it, the various companies they invested in, all interspersed with a much more granular description of his later arrest, imprisonment and trial.
Regarding his ordeal with the prison system, the author is careful to keep in perspective the difference in experience he has as a famous foreigner compared to what Russians go through year after year, generation after generation. "In Russia ‘the security system’ can never admit a mistake for fear it might set off a chain reaction that will jeopardise its entire legitimacy" and this, in a country where "among those who don’t understand entrepreneurship – including many of Russia’s investigators and prosecutors – there is a belief that one person’s gain is always someone else’s loss." With the high levels of corruption which never really went away even after the 1990s, the result is many Russian entrepreneurs are banged up illegally whilst the most corrupt and richest (and closest to "the body" of Putin) act with impunity, hunting down competitors and threats. Igor Sechin would be a prime example, but the whole system is predatory. You don't need to tell Russians this, but good luck convincing the majority that change is possible - as he notes, "more than any other nationality I have ever known, Russians can be hyper-critical of their own country yet deeply patriotic at the same time."
Interesting, Calvey notes that "growing accustomed to non-stop, optimised business travel and on-demand support from our efficient team, I was highly productive but ceased being grounded in the real lives of normal people – something I had sworn to myself I would never do." It's a common theme amongst the political class as well.
The more detailed parts describing the experience of being a prisoner are well told. His affection toward the inmates he spent a few months with shines through. He is right to call for Western countries not to close anti-Putin Russians off - most have had to find refuge outside the West and their departure is the most extreme form of political protest possible in Russia today; as he says at the end "Emigration from Russia since 2022 has reached almost a million people. The scale almost exceeds even the last great human exodus from Eastern Europe after the Russian revolution in 1917."
One scene that made me laugh out, hints at the often absurd, 'don't know whether to laugh or cry' moments that you experience living in the country; towards the end, when he is being driven to a court case with a bunch of other convicted men, one of the prisoners recognises him and uses the opportunity to pitch an investment ideas. "Like any venture capital investor, I get approaches all the time from aspiring entrepreneurs, but this one is truly hilarious. He earnestly delivers his sixty-second elevator pitch, determined not to miss his chance regardless of the setting, being one of a dozen prisoners handcuffed in a dimly lit cage. I can’t stop myself from laughing at the incongruity of it all."
Finally, there is the issue of corruption and western business' place in it. The author states that "I was never naïve about the depth of corruption in Russia, but wrongly assumed that it would never be applied against someone like me" and that whilst being aware of the corruption, "those were the rules of the jungle, as I saw it, and as a foreigner you couldn’t change it, so you either accepted it or got out." The idea isn't expanded upon, but it does make you wonder how much corruption Western asset owning businesses have to get involved in to operate. In any case, I'm sure Calvey would argue that he and his firm were doing more good than bad for the country, investing and developing companies like Yandex that became integral parts of the Russian economy. Ironically, Yandex now has been taken over by Kremlin loyal managers - its powerful technology and internet market dominance no doubt being put to use by that same FSB that arrested Calvey. Such are the painful, ironic realities of Russia today.
April 11, 2025
Michael Calvey’s Odyssey Moscow is a riveting and brutally honest memoir that chronicles his harrowing arrest and imprisonment in Russia following a business dispute gone dangerously political. Framed around his 2019 detention on charges of fraud, Calvey recounts the Kafkaesque nightmare of navigating the Russian criminal justice system with gripping detail and a surprising amount of grace. Part prison diary, part corporate thriller, and part philosophical reflection, the book explores power, corruption, and survival with uncommon vulnerability.
Calvey doesn't hide behind business-speak or self-pity. From the first pages, where he’s ripped from his Moscow apartment by FSB agents, his voice is calm but charged with disbelief and raw emotion. I found myself holding my breath as he described his first night in a cramped cell, trying to keep it together while one cellmate shows off his biceps and the other does endless push-ups. The contrast between Calvey’s former life—Loro Piana shirt, Harvard degree—and the grimness of Matrosskaya Tishina is jarring, and he never once lets us forget how surreal and dehumanizing that shift is.
The book’s real power, though, comes from the way Calvey makes space for others. He doesn’t just tell his story; he lets in the lives of Sasha, Ildar, Dmitry, and others—cellmates, guards, lawyers—each rendered with empathy, even humor. I found myself unexpectedly moved by his relationship with Sasha, a streetwise repeat offender who gifts him molasses cookies and prison wisdom. Even when he's describing psychological warfare—like the endless sirens and the lights that never shut off—Calvey never descends into bitterness. There's real introspection here. He wonders what it means to have championed Russia for decades, only to be betrayed by the very system he believed in.
Still, there are moments that made me fume. The scene in the courtroom where the Vostochny Bank security chief films Calvey, giggling as if it were a show, is infuriating. Even more galling is how the Russian court system appears as a hollow formality—the “glass cage,” the parade of character witnesses, the judge who seems moved but ultimately rubber-stamps the FSB’s orders. Yet Calvey keeps his cool. He channels his rage into logic, into planning, into fighting back—not with violence, but with integrity and relentless clarity. That was inspiring.
In the end, Odyssey Moscow isn’t just about one man’s legal battle—it’s about holding onto your values when everything around you crumbles. Calvey never pretends to be perfect. He admits to fear, to pain, to moments of despair. But he also shows us resilience in the most literal sense. I finished the book feeling humbled, a little shaken, but also strangely hopeful. This book is for anyone who enjoys true stories about endurance, justice, and moral courage.
Calvey doesn't hide behind business-speak or self-pity. From the first pages, where he’s ripped from his Moscow apartment by FSB agents, his voice is calm but charged with disbelief and raw emotion. I found myself holding my breath as he described his first night in a cramped cell, trying to keep it together while one cellmate shows off his biceps and the other does endless push-ups. The contrast between Calvey’s former life—Loro Piana shirt, Harvard degree—and the grimness of Matrosskaya Tishina is jarring, and he never once lets us forget how surreal and dehumanizing that shift is.
The book’s real power, though, comes from the way Calvey makes space for others. He doesn’t just tell his story; he lets in the lives of Sasha, Ildar, Dmitry, and others—cellmates, guards, lawyers—each rendered with empathy, even humor. I found myself unexpectedly moved by his relationship with Sasha, a streetwise repeat offender who gifts him molasses cookies and prison wisdom. Even when he's describing psychological warfare—like the endless sirens and the lights that never shut off—Calvey never descends into bitterness. There's real introspection here. He wonders what it means to have championed Russia for decades, only to be betrayed by the very system he believed in.
Still, there are moments that made me fume. The scene in the courtroom where the Vostochny Bank security chief films Calvey, giggling as if it were a show, is infuriating. Even more galling is how the Russian court system appears as a hollow formality—the “glass cage,” the parade of character witnesses, the judge who seems moved but ultimately rubber-stamps the FSB’s orders. Yet Calvey keeps his cool. He channels his rage into logic, into planning, into fighting back—not with violence, but with integrity and relentless clarity. That was inspiring.
In the end, Odyssey Moscow isn’t just about one man’s legal battle—it’s about holding onto your values when everything around you crumbles. Calvey never pretends to be perfect. He admits to fear, to pain, to moments of despair. But he also shows us resilience in the most literal sense. I finished the book feeling humbled, a little shaken, but also strangely hopeful. This book is for anyone who enjoys true stories about endurance, justice, and moral courage.
June 23, 2025
Incredibly book by an actual Russian patriot despite all what happened to him.
I especially enjoyed the book structure of mix of current affairs and 90-00-10s business and society development in Russia.
I was born in 1987 and was too small to comprehend all the changes in 1990s, but i still lived in Moscow in those years and still vividly remember those times.
I even got sentimental in the part of the book when Mr Calvey comes to his cell for the first time and what kind of profound feelings of brotherhood and humanity he felt.
I now live in London and hope to meet mr Calvey through our Baring Vostok Capital joint connections.
I especially enjoyed the book structure of mix of current affairs and 90-00-10s business and society development in Russia.
I was born in 1987 and was too small to comprehend all the changes in 1990s, but i still lived in Moscow in those years and still vividly remember those times.
I even got sentimental in the part of the book when Mr Calvey comes to his cell for the first time and what kind of profound feelings of brotherhood and humanity he felt.
I now live in London and hope to meet mr Calvey through our Baring Vostok Capital joint connections.
September 3, 2025
Calvey was an investment fund manager who moved into the Russian world right after the fall of the Soviet Union. He learned to love Russia and did well economically until his firm bought into a bank that was involved in some fraud. The bank's managers accused him of crimes and when the FSB makes an arrest, there will be a conviction.
He had some difficult times, but was prevented from far worse by his high profile as an American and a friend of Russia. It's an interesting story, but not particularly well written. Several points were repeated over and over. Other details I'd like to have known were not mentioned.
He had some difficult times, but was prevented from far worse by his high profile as an American and a friend of Russia. It's an interesting story, but not particularly well written. Several points were repeated over and over. Other details I'd like to have known were not mentioned.
June 26, 2025
Odyssey Moscow is a story of relentless optimism and belief in the human spirit. The author, Michael Calvey, takes us on a journey through his time in Russia, first as a traveler, then as an investor, then as a businessman, before eventually becoming a prisoner. Calvey challenges the Western views of Russia, showing the people as kind, unified, and hardworking, despite facing an oppressive regime. This book is one of the most educational and entertaining nonfiction books I have read in a long time.
May 27, 2025
Horrific experience but well written.
July 25, 2025
Learned about Calvey from Armchair Expert Podcast and knew I had to read his book after the episode. Great story!
October 29, 2025
4+
#audiobook.
Ievilka stāsts! Sākumā likās ka atpetīšos, bet palika interesanti, bija ok.
#audiobook.
Ievilka stāsts! Sākumā likās ka atpetīšos, bet palika interesanti, bija ok.
Displaying 1 - 8 of 8 reviews