Former Russian Agricultural Bank First Deputy Chairman Levin appointed head of Rosgeo
MOSCOW. June 3 (Interfax) - Kirill Levin, the former first deputy chairman of Russian Agricultural Bank, has been appointed head of Rosgeo, the company said.
"The powers of JSC Rosgeo General Director Sergei Alexandrovich Radkov are terminated. Kirill Yuryevich Levin is elected as general director of JSC Rosgeo for a term of five years," it said.
Levin graduated from the Moscow Aviation Institute with a degree in engineering economics. He has worked in the banking sector since 1993. In 2011, he moved to the position of advisor to the chairman of the board of Russian Agricultural Bank, and from 2018 he has served as first deputy chairman of the bank's board. He oversaw the finance and strategy, financial markets and international settlements, capital markets and depository activities, and personnel divisions.
Levin worked within the bank's structure for over 15 years, Russian Agricultural Bank said. "During this time, the bank was transformed from a traditional financial institution into a driver of agricultural industry development while also achieving significant financial results. For last year, the bank reached net profit of 39.8 billion rubles, exceeding 2023 results by 25%," it said.
Russian Agricultural Bank Board Chairman Boris Listov thanked Levin for years of collaboration. "Kirill Levin has taken a long professional journey with the bank, overseeing complex areas of the financial sector, including implementing the capital attraction strategy. I thank Kirill Yuryevich and wish him success in his new position," Listov said.
Slightly over a year ago, in April 2024, Sergei Gorkov left Rosgeo when his contract as head of the company expired on March 31, 2024. Since then, the company had been led by Sergei Radkov, who previously oversaw solid mineral resources at Rosgeo.
Rosgeo has been in difficult financial condition for an extended period. Government agencies are considering ways to support the state geological holding's financial situation. In particular, at the end of April, Rosgeo's board of directors discussed obtaining financing from Russian Agricultural Bank.
For 2024, Rosgeo reported a loss to International Financial Reporting Standards (IFRS) of 8.8 billion rubles, up 51% compared to the loss in 2023 (5.8 billion rubles). The losses resulted from insufficient revenue from contracts and underutilization of geological exploration capacity across all segments; increased expenses due to rising prices for goods, work and services; the Central Bank of Russia's key rate hike (leading to significant growth in interest expenses on debt obligations - 5.141 billion rubles), and restrictions on asset transactions, it said.
The company also said that a draft organizational and financial model had been developed, projecting net profit in the medium and long term (until 2039) with implementation of state support measures. To improve the financial and economic situation, the Russian government has approved a roadmap for Rosgeo's financial stabilization. The adopted decisions include refinancing the state holding's credit obligations through an authorized bank.
As reported, in mid-October 2024 Rosgeo defaulted on payment of the nominal value of 6 billion rubles in classic Series 1 bonds. The reason was the issuer's lack of funds and other sources to fulfill obligations.
Rosgeo is a state holding company comprising over 40 geological enterprises operating across Russia's regions and internationally. It conducts all types of geological exploration work, from regional surveys for all categories of mineral resources to reserve estimation and field commissioning. It possesses unique expertise in marine geology and offshore operations.
