Rashevsky resigns from SUEK board following inclusion in EU sanctions list

MOSCOW. March 16 (Interfax) - Vladimir Rashevsky has resigned from the SUEK board of directors following his inclusion in the European Union's sanctions list on March 15, the integrated coal and energy company said in a statement.

The EU on March 15 included a number of major Russian business figures in its sanctions list, citing among the reasons that many of them had participated in a business meeting with Russian President Vladimir Putin on February 24, the day that the military operation in Ukraine began.

Andrei Melnichenko also resigned from the SUEK board of directors a week ago, and he ceased being the company's main beneficiary.

Melnichenko had owned SUEK since its founding in the early 2000s, originally with Sergei Popov as a partner, then on his own following a division of assets, with the company's long-term head, Rashevsky, receiving a minority stake.

Melnichenko had a 92.2% share in SUEK's charter capital at the end of 2021, with the share dropping to 0% after March 9, the company said.

SUEK includes 30 coal-mining enterprises; seven processing plants and installations; a terminal in the port of Vanino, Khabarovsk Territory; Murmansk Commercial Sea Port ; repair and mechanical plants in eight of Russia's regions; as well as Siberian Generating Company.

Earlier on Wednesday, it became known that Rashevsky had resigned as CEO of the EuroChem group following his inclusion in the European Union's sanctions list, the company said in a statement.

"Despite the groundlessness of the aforesaid actions, Vladimir Rashevsky has resigned in order to allow the company to continue running smoothly," EuroChem said.

Rashevsky has also resigned from the group's board of directors.

EuroChem will announce further changes and appointments in management later.

EuroChem founder Andrei Melnichenko was also included in the EU sanctions list last week. The company on March 9 announced that Melnichenko had ceased being its beneficiary and that he had resigned from the board of directors. EuroChem has not specified who has assumed control of the group.

Melnichenko previously controlled 90% of the group's parent company, Switzerland-based EuroChem Group AG, through Cyprus-based AIM Capital SE.