Pumpyansky no longer beneficiary of TMK, leaves board

MOSCOW. March 11 (Interfax) - Russian businessman Dmitry Pumpyansky, who owned a 90.6% stake in TMK , is no longer a beneficiary of the Russian pipe manufacturer and has resigned from the company's board of directors, TMK said in a statement.

Pumpyansky's son Alexander Pumpyansky has also stepped down from TMK's board of directors.

All TMK plants continue to operate normally, ensuring the continuity of the production process and fulfilment of all obligations to its customers and partners, the company said.

TMK said it remains fully committed to the principals of social responsibility, both in regard to its employees and their families, and the regions where the company has a presence.

The European Commission announced on Wednesday that it was imposing sanctions against 14 businesspeople in key sectors of the economy who are substantial sources of funding for the Russian Federation, along with members of their families. The list includes Dmitry Pumpyansky, his wife Galina and son Alexander.