22 Apr 2022 19:06

Alekperov says distancing himself from Lukoil so sanctions don't hamper its development, but will remain in Russia

MOSCOW. April 22 (Interfax) - Vagit Alekperov, the founder of Lukoil and its only ever chief, has decided to distance himself from the oil company so that personal sanctions do not hamper its development.

But Alekperov will remain in Russia and develop social projects, among things.

"Everyone knows I have had UK and Australian sanctions imposed on me, and this is getting in the way of the company's development today. The sanctions do not apply to Lukoil, but to me personally, so I have decided to distance myself from the company's activity. I am not now a member of the management board, or the company's president, I am not a member of the board of directors. So the company is not now associated with me in any way. And I do not own a controlling stake, so the company can calmly develop without me," Alekperov told the Rossiya 24 TV channel.

"I'm a Russian, I'm a patriot, and I'm not going to leave the country. I have a lot of plans, which are to develop social projects," he said.