Russia’s Lukoil CEO Resigns

Lukoil, Russia’s second-largest oil company, announced the resignation of its president and CEO Vagit Alekperov. 

In a statement released by the oil company, it said that following this, respective notices of resignation were sent today, April 21, to the Chairman of the Company’s Board of Directors.

Alekperov, considered one of the Kremlin’s wealthiest men, owns and votes 3.12% of shares in Lukoil, as of March 31, 2022. 

However, Lukoil said in the statement that although Alekperov is also a beneficiary (including through family trusts or mutual funds) of 5.43% of shares in the company, he has no voting rights.  

“Therefore, Vagit Alekperov is not a controlling shareholder of PJSC LUKOIL,” the oil company statement concluded. 

​On April 13 this year, Alekperov was among the 178 individuals who were sanctioned by the United Kingdom government for Russian-backed illegal breakaway regions of Ukraine.

In a separate statement released last March 3, Lukoil broke ranks with President Vladimir Putin and called for an end to Russia’s war in Ukraine.


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