Russian oligarch Gennady Timchenko, a close collaborator of President Vladimir Putin and subject to Western sanctions over the conflict in Ukraine, resigned from the board of directors of gas giant Novatek, the company said Monday.
“Gennady Timchenko has decided to resign from the company's board of directors as of March 21,” Novatek said in a statement, without further explanation.
Timchenko, a billionaire and co-founder of the commodity trading company Gunvor, is subject to sanctions by the European Union in connection with the Russian military offensive in Ukraine. The 69-year-old businessman's assets in the EU and UK have been frozen.
In early March, a yacht owned by him, the “Lena”, valued at more than 50 million dollars, was seized in Italy.
Novatek is Russia's largest producer and exporter of liquefied natural gas. The group belongs almost 10% to the Russian giant Gazprom and 19.4% to the French group TotalEnergies.
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