The founder and co-owner of Lukoil, Russia's largest private oil company, has resigned days after he and other Russian tycoons were sanctioned by Australia and the United Kingdom over Moscow's ongoing unprovoked invasion of Ukraine.
In a statement on April 21, Lukoil said that the 71-year-old billionaire, Vagit Alekperov, decided to step down as the company’s president and resign as a member of Lukoil's board of directors. No reason was given for the moves.
"The respective notices of resignation were sent today to the Chairman of the Company’s Board of Directors," the statement said, adding that Alekperov is not a controlling shareholder, but does directly own 3.12 percent of the company's voting shares, plus another 5.43 percent of nonvoting shares through various funds.
Alekperov had been CEO of Lukoil since April 5, 1993, when the firm became a private company.
He was among several Russian officials and tycoons sanctioned by Australia on April 8 and the United Kingdom on April 13 over the war Russia launched in Ukraine.
Founder Of Russian Lukoil Energy Giant Resigns Amid Sanctions Over Ukraine
Russian billionaire and outgoing Lukoil executive Vagit Alekperov (file photo)