Iskander Makhmudov (born December 5, 1963) is an Uzbek-born Russian businessman and philanthropist. According to Forbes Magazine, Makhmudov is the 22nd wealthiest person in Russia. Forbes reported his net worth at $6.5 billion as of June 22, 2014.

Iskander Makhmudov is the main owner of copper producer Urals Mining and Metals Company (UMMC, also known as UGMK), which has controlling stakes in more than 300 companies in nine regions of Russia. He is also a shareholder in Transmashholding, Russia's largest maker of locomotives and rail equipment. 

Born in Bukhara, Uzbekistan, he lived in Tashkent and graduated from a local university with a degree in oriental studies. In 2009, Spanish authorities named him in a money laundering case, which they handed over to the Russian attorney general's office for further investigation. In March 2012, the case, which also implicates billionaire Oleg Deripaska, was sent to the investigative department of the ministry of internal affairs. The investigation remains open, but no findings have been announced.