Shifrin was born in Dnipropetrovsk, Soviet Ukraine, the son of metallurgy professor Vladimir Moiseyevich Shifrin. From 1977–1983, he attended the Moscow Institute of Steel and Alloys, earning a PhD in metallurgy. Over the next 10 years, he worked in Zaporizhia at the steel company Dniprospecstal, rising from assistant foreman to manager of the steel plant and then head of marketing. He then rose to prominence as a Business oligarch in newly independent Ukraine, taking control of privatised steelmaker Zaporizhstal. He co-founded, with Alexander Shnaider, Midland Group, a holding company headquartered in Guernsey that embraces interests in steel (including Zaporizhstal, Ukraine's fourth largest steel mill), shipping, real estate, agriculture and Sports. Together they own a share in Trump Tower Toronto and formerly owned Maccabi Tel Aviv and a Formula One team, Midland F1 Racing. He and Shnaider were best friends since childhood, as their fathers were best friends.