Businessman Gennady Timchenko (No. 61 in the global ranking of billionaires according to Forbes, fortune - $15.3 billion), against whom the United States imposed sanctions on March 20, sold his stake in the oil trader Gunvor to the company's executive director Torbjorn Tornqvist, reported . the company's press service

It follows from the message that Timchenko sold his stake on March 19 to ensure uninterrupted operations of the Gunvor Group in the face of the possible introduction of economic sanctions. As a result of the transaction, Tornqvist became the owner of a controlling stake in Gunvor with 87% of the shares. The remaining 13% of shares belong to Gunvor managers.

The company did not disclose the transaction amount or other details.

On March 17, the United States imposed sanctions on seven Russian officials and parliamentarians in connection with Moscow’s policy in Crimea. On March 20, the United States expanded the sanctions list to include 15 more Russian officials and parliamentarians, as well as Russian Railways President Vladimir Yakunin (No. 9 in the ranking of the 25 most expensive top managers in Russia according to Forbes, total compensation - $15 million), businessmen Gennady Timchenko, Yuri Kovalchuk (No. 1210, net worth: $1.4 billion), Arkady Rotenberg (No. 375, net worth: $4 billion) and Boris Rotenberg (No. 1046, net worth: $1.7 billion). In addition, sanctions were imposed on Rossiya Bank, controlled by Kovalchuk.

In an explanation of the imposition of sanctions, the US Treasury, in particular, stated that Gennady Timchenko’s activities “in the energy sector are directly related to (Russian President Vladimir) Putin.” The US Treasury also said that the Russian President “has an investment in Gunvor and may have access to Gunvor funds.”

Gunvor denied this claim. “Gunvor categorically denies that Vladimir Putin has or ever had any interest, or that he is a beneficiary of our business, directly or indirectly. This statement is fundamentally incorrect and outrageous,” the Financial Times newspaper quoted the company’s statement .

Timchenko sold his stake in oil trader Gunvor