Azerbaijani Co-Owner of 'LUKOIL' Leaves Company

Russian businessman, co-owner, founder, and president of 'LUKOIL', Vagit Alekperov, has announced his resignation and departure from the company’s board of directors.

The decision comes after Alekperov was recently added to the sanctions list imposed by the United Kingdom. Born in Baku and of Azerbaijani descent, Alekperov founded 'LUKOIL', the largest private oil company in Russia.

“Alekperov's corresponding application has been submitted to the 'LUKOIL' board of directors,” stated the company in a press release, indicating that the businessman does not act as a controlling shareholder. He owns 3.12% of the company's shares, as well as an additional 5.43% through separate funds, over which Alekperov has no voting rights.

Vagit Alekperov is known as a businessman who has established friendly relations with Russian President Vladimir Putin and enjoys his support.