Add to favorite
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS
russian visa

Timchenko's Timely Exit Cushions US Sanctions Punch
March 23, 2014 10:25

Photo Credit: Sasha Mordovets/Getty Images

Gennady Timchenko, one of the people with close ties to the Kremlin who is targeted by the US sanctions, has sold off his stake in Gunvor just a day or two before his name was placed on the black list by the US Treasury.

According to the US Treasury, Gennady Timchenko is a co-founder of Gunvor, one of the world’s largest independent oil trader. “Timchenko’s activities in the energy sector have been directly linked to Putin. Putin has investments in Gunvor and may have access to Gunvor funds.”

Gunvor came out to announce that Timchenko, worth $8.4 billion on Bloomberg’s Billionaire Index, sold his 44 percent stake to his partner, Torbjorn Tornqvist.

The Geneva-based company employs a staff of 1,600 in more than 20 locations worldwide, sourcing from more than 35 countries. In 2012, it earned $93 billion.

According to @Gunvor, the firm’s official Twitter account, “Pres. Putin has not and never has had any ownership, beneficial or otherwise in Gunvor. He is not a beneficiary of Gunvor or its activities.”

Pursuant to Executive Order 13661 signed by President Obama on March 16, 2014, the US Treasury will freeze any of assets belonging to 20 Russian individuals and one bank within U.S. jurisdiction and prohibit any transactions with them.

Among them are 16 officials, including Viktor Ozerov, Vladimir Dzhabarov, Evgeny Bushmin, Nikolai Ryzhkov, Sergey Zheleznyak, Sergey Mironov, Aleksandr Totoonov, Oleg Panteleev, Sergey Naryshkin, Viktor Ivanov, Igor Sergun, Sergei Ivanov, AlexeyGromov, Andrey Fursenko, Vladimir Yakunin, and Vladimir Kozhin. Also on the list are four “members of the inner circle”, including Gennady Timchenko, Arkady Rotenberg, Boris Rotenberg, and Yury Kovalchuk.

These individuals being designated because each is controlled by, has acted for or on behalf of, or has provided material or other support to, a senior Russian government official.

You can browse the details of the officials and businessmen involved here. Get more news on the Ukraine crisis on Russia-IC.

Author: Mikhail Vesely

Tags: Gennady Timchenko     

Next Previous

You might also find interesting:

IKEA Is Ready To Invest Russia Will Repay Soviet Debt To Yugoslavia Sochi 2014 International Investment Forum: Stats & Figures Dynamo vs Zenit Incident Inflation in Russia is an Endless and Tiring Process

Comment on our site

RSS   twitter      submit

Russian economy  Russian business  World Theatre Day  St. Petersburg  Serdyukov  Revolutionaries  Veterans of Wold War II  climate warming  Russian science  Exhibitions in Moscow  Russian scientists  Irkutsk Region  Golden Eagle  Alzheimer's Disease  Russia-Indonesia  Music Contests  Russian tourism  Russian Poets  Mercedes-Benz Fashion Week Russia  Russian painters  Lyudmila Gurchenko  Ancient Books  English Yard  Pskov Region  Russian opera  Kemerovo Region  human rights  Baumgartner  Territorial Integrity of Russia  Russian government  Moscow Kremlin   Russian airlines  IMAX  Russia  Moscow Theatres  Moscow  Mariinsky theatre  real estate in Russia  Russian Cinema  Spaceships  Big Four  Memorial Boards  international cooperation  Leningrad Region  Zenit St. Petersburg  Veliky Novgorod  Izhevsk  Russian politics  Kolomenskoe  Tula 

Travel Blogs
Top Traveling Sites