Russia: subject to sanctions, oligarch Timchenko withdraws from Novatek

Posted 21 March, 2022

Russian oligarch Gennady Timchenko, a close associate of President Vladimir Putin targeted by Western sanctions linked to Ukraine, has resigned from the board of directors of the gas giant Novatek, the company announced on Monday.

"Gennadi Timchenko has decided to resign from the company's board of directors effective March 21," Novatek said in a statement. No explanation was given.

Billionaire co-founder of Gunvor, a commodity trading company, Mr. Timchenko is targeted by European sanctions in connection with the Russian military offensive in Ukraine.

The assets in the EU and in the United Kingdom of this 69-year-old businessman have notably been frozen. In early March, a yacht belonging to him, the "Lena", worth around 50 million euros, was seized in Italy.

Novatek is the leading producer and exporter of Russian liquefied natural gas. The group is nearly 10% owned by the Russian giant Gazprom and 19.4% by the French group TotalEnergies.

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