Timchenko resigns from Novatek’s board

Russian independent LNG producer Novatek said that Gennady Timchenko has decided to resign from the company’s board of directors.

The resignation is effective March 21, 2022.

Novatek did not provide any additional information in a statement released on Monday.

Both the European Union and the UK imposed sanctions on Timchenko and other Russian billionaires with ties to President Vladimir Putin due to the Russia-Ukraine war.

Timchenko is already on a US sanctions list over the 2014 annexation of Crimea, according to the US Department of the Treasury.

Via the Volga Group, Timochencko owns about 23.5 percent in Novatek, while CEO and Russian billionaire Leonid Mikhelson has about 28 percent ownership.

France’s TotalEnergies, which said it would no longer invest in new Russian projects, has a 19.4 percent interest in the Russian LNG exporting giant.

TotalEnergies also holds 20 percent in Novatek’s Yamal LNG project and 21.64 percent of the Arctic LNG 2 development that should start first exports next year.

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