Russian billionaire Vagit Alekperov stepped down as CEO of Russia’s second-largest oil company, Lukoil, the company said on Thursday, days after the U.K. and the EU sanctioned the former Soviet oil minister and other Russian oligarchs.
Alekperov also resigned from the company’s board, though the company did not give a reason for the resignation or who would take over.Alekperov decided to resign after he was sanctioned so he would not affect the company’s operations, citing an anonymous source familiar with the matter.
Alekperov, the former deputy minister of oil and gas of the Soviet Union, had been CEO of Lukoil since 1993, when the company was founded.
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