Russian billionaire Andrey Melnichenko, the main beneficiary of the country's largest coal producer country SUEK, stood down, the company said in the statement Thursday.
Melnichenko's exit from the company came after the European Union added 14 Russian oligarchs to its sanctions list in the latest measures against the war in Ukraine, with billionaires, lawmakers, and a Formula One driver among them.
Melnichenko was chairman of the Nomination and Compensation Committee of SUEK’s Board of Directors and served as a non-executive director of the Group since 2004, according to the statement.
At the end of last year, the legal entity that held business interests for the benefit of Melnichenko indirectly owned 92.2% of the company's share capital.
Following his resignation and withdrawal as a beneficiary on March 9, the shares controlled beneficially by Melnichenko was 0%, the statement confirmed.
'SUEK remains committed to providing coal and essential power to our customers around the world, maintaining business integrity and open communications with all stakeholders, and ensuring the well-being of its employees and local communities,' the statement read.
According to the company's website, SUEK was the biggest coal producer in Russia and the sixth globally in 2020, with 101.2 million tons of coal output.
As the fourth-biggest company in global coal sales in 2020, SUEK also operates in heat and electricity generation, railcar and port operation.
By Nuran Erkul Kaya in Moscow