- Gennady Timchenko has decided to resign from the company’s Board of Directors effective 21 March 2022
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.