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MOSCOW, December 6. /TASS/. Kirsan Ilyumzhinov, the President of the World Chess Foundation (FIDE), said on Sunday the federation’s presidential council has approved suspension of his financial competences.
The presidential council meeting was held on Sunday in Athens. It means once in a quarter.
"At a meeting of the presidential council I came out with an initiative to suspend my financial competences till the next session of the FIDE presidential Council. I am suspending these competences till the next presidential council," he told TASS. "I am staying as FIDE president but have suspended my financial and administrative functions, which will go over to the first vice president."
He said he had handed over his functions to FIDE First Vice President Georgios Makropoulos.
Ilyumzhinov said he had taken this decision as it was necessary to sign contracts in the United States related to the world championship match due to be held in that country in 2017.
On November 25, the United States announced sanctions against Ilyumzhinov, 53, claiming he has relations with head of the Syrian central bank. Later on, Ilyumzhinov said he had no commercial interests in Syria.
Ilyumzhinov was elected FIDE president on November 24, 1995. Since then, he was re-elected to the position six times. He is the sixth president in the 90-year-long history of that organization.