Russian Billionaire Alekperov Resigns As Lukoil CEO Amid Sanctions Over Ukraine

The CEO of Russia's second-largest oil company stepped down on Thursday, days after the U.K. and the EU imposed sanctions on Russians.

The company did not give a reason for the resignation or who would take over.

According to an anonymous source, Alekperov resigned because he would not affect the company's operations.

The former deputy minister of oil and gas of the Soviet Union is the current CEO of the company.

Several Russian businessmen have resigned or handed over control of their companies because of sanctions.

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$18.6 billion. The real-time net worth tracker from Forbes shows that the value of Alekperov has fallen.

Key Background

Australia was the first country to impose sanctions. Australian Foreign Minister Marise Payne announced the sanctions against 67 Russians.

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In early March, Lukoil became one of the first Russian companies to speak out against the war in Ukraine.

The Dutch Superyacht Builder is owned by a Russian billionaire.

Russia's billionaires have taken a big hit in the past year.