Egvekinot was founded in 1946, under the supervision of B. N. Lenkov, the first head of Chukotstroy, specifically as a port so that the nearby Iultin Mining Complex about north of the settlement could be easily supplied with materials. On July 16, 1946, the MV "Sovetskaya Latviya" brought the first 1,500 settlers to Egvekinot. These construction workers were mainly political prisoners rather than willing emigrants. This labor force was responsible for the construction of the entire infrastructure in the area, including the construction of Egvekinot, the nearby village of Ozyorny, and the village of Iultin, as well as the road linking the mines to the new port, the power station, warehouses, and residential and industrial buildings.