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    Timchenko steps down from Novatek board

Summary

The Russian oligarch has a 23.5% stake in Novatek.

by: NGW

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Timchenko steps down from Novatek board

 Russian oligarch Gennady Timchenko has resigned from the board of directors of Novatek, the Russian gas company reported on March 21.

Timchenko, who has a 23.5% stake in Novatek, was placed under UK sanctions on February 22 and EU sanctions on February 28, because of his close ties to Russian president Vladimir Putin. 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.

Other major shareholders in Novatek include CEO Leonid Mikhelson, France's TotalEnergies and Russia's Gazprom.