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Alekperov resigns as Lukoil President, board member — company

Vagit Alekperov is leaving the company after 29 years of working in it

MOSCOW, April 21. /TASS/. Vagit Alekperov, co-owner and founder of Russia's largest private oil company, Lukoil, has decided to step down as the company’s President and also to resign as a member of the Board of Directors, Lukoil said in a statement.

Earlier, Alekperov came under British sanctions.

Alekperov is leaving the company after 29 years of working in it. Lukoil was established on April 5, 1993. The same year Alekperov was elected President and Chairman of the Board of the company.

"The respective notices of resignation were sent today to the Chairman of the Company’s Board of Directors," Lukoil said.

"As of 31 March 2022, Vagit Alekperov owns and votes 3.12% of shares in PJSC Lukoil. Vagit Alekperov is also a beneficiary (including through family trusts or mutual funds) of 5.43% of shares in PJSC Lukoil, in respect of which he has no voting rights. Therefore, Vagit Alekperov is not a controlling shareholder of PJSC Lukoil," the company said.

About sanctions

On April 14, the UK imposed sanctions against Alekperov. This is the first time he came under the restrictive measures of one of the Western countries.

On February 24, Russia launched a military special operation on the territory of Ukraine. After that, the UK, the EU, the US and a number of other countries imposed unprecedented sanctions against it.

In early March, Lukoil issued a statement expressing its hope for an early end to the conflict in Ukraine and the achievement of peace agreements. The company noted that they were making every effort to maintain stable work in the markets of presence.

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