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Russian billionaire Timchenko decided to resign from the board of directors of NOVATEK

Earlier, his candidacy was not included in the list for the board of directors to be elected on April 21

Russian billionaire Timchenko decided to resign from the board of directors of NOVATEK

Source: NOVATEK

Moscow, March 22 - Neftegaz.RU. Russian businessman has decided to resign from the board of directors of one of the largest independent producers of natural gas in Russia.
NOVATEK announced:
  • Gennady Timchenko has decided to resign from the company’s Board of Directors effective 21 March 2022
One of the most powerful people in Russia, Timchenko has been close friends with Vladimir Putin since the early 1990s.
On February 28, the EU, Japan and Great Britain imposed sanctions against Timchenko following the start of Russia's military operation in Ukraine.
He has been on the US sanctions blacklist since 2014.

The sanctions have frozen Timchenko's assets in respective jurisdictions and bar companies and individuals from those countries doing business with him.

Leonid Mikhelson is NOVATEK's largest shareholder with a 24.76% stake.
Gennady Timchenko owns 23.49%, TotalEnergies has 19.4%, Gazprom owns 9.99%, under 20% of the shares traded abroad.
Timchenko will continue to be NOVATEK's shareholder.

According to Forbes, Timchenko was Russia's 6th-richest billionaire in 2021 with a net worth of $22 billion.
As of March 2022, Timchenko was ranked 205th on the Bloomberg Billionaires Index, with an estimated fortune of $10.3 Billion.

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