Russia sanctions: Putin ally, oil tycoon Lukoil suddenly resigns

Russia’s largest independent oil and gas company Lukoil announced on April 21 that its chairman Vagit Alekperov will step down and step down as a member of the company’s board of directors. Mr. Alekperov became the company’s president in 1993.

Russian tycoon Vagit Alekperov has resigned as chairman of London-listed Lukoil after the UK and EU imposed sanctions on him.

In a statement to the stock market, Russia’s second-largest oil company said Alekperov, who has good relations with Vladimir Putin, officially informed the company of his decision on Thursday. April 21st.

Lukoil was among 27 companies whose shares were suspended by the London Stock Exchange in early March to avoid market turmoil. The Moscow-based company was not sanctioned.

Lukoil said relevant notices have been sent to the company’s chairman of the board.

As of March 31, Mr. Alekperov owns and has voting rights more than 3.12% of the shares of Lukoil. He also indirectly owns another 5.43% of the shares, including through a family trust or mutual fund. The businessman is therefore not a controlling shareholder of Lukoil, the company said.

Mr. Alekperov has suffered significant financial losses in 2022. The oil tycoon, believed to be Russia’s 10th richest businessman, has been hit by UK and Australian sanctions this month, due in part Western pressure on Russia’s military activity in Ukraine.

Forbes estimates that Alekperov’s net worth of nearly $25 billion in 2021 has fallen by $14.4 billion, despite rising oil prices.