Putin ally Timchenko resigns from Novatek board

Reuters

Published Mar 21, 2022 08:37

Updated Mar 21, 2022 09:32

(Reuters) - Gennady Timchenko, a long-time ally of Russian President Vladimir Putin, resigned from the board at gas producer Novatek on Monday after he was targeted by sanctions over Russia's military campaign in Ukraine.

Novatek, Russia's largest private natural gas producer, did not provide a reason for his resignation. A representave of Timchenko, who had served on the company's board of directors since 2009, declined to comment.

The European Union and Britain last month imposed sanctions on Timchenko and other billionaires with ties to Putin.

Timchenko, already on a U.S. sanctions list over Moscow's 2014 annexation of Crimea, was Russia's sixth-richest billionaire last year with a net worth of $22 billion, according to Forbes magazine.

Russia sent tens of thousands of troops into Ukraine on Feb. 24 in what it called a special operation to degrade its southern neighbour's military capabilities and root out people it said were dangerous nationalists.

Ukrainian forces have mounted stiff resistance and the West has imposed sweeping sanctions on Russia in an effort to force it to withdraw its forces.