Russian tycoon Gennady Timchenko has cut his stake in petrochemical company Sibur, the firm said in a statement on Friday.
Timchenko, who is on the U.S. sanctions list, sold his 17 percent stake to a company controlled by Kirill Shamalov, deputy CEO at Sibur. Shamalov will own 21.3 percent of the company following the deal.
Sibur did not disclose the price.
Timchenko will keep a 15.3 percent stake, with Novatek co-owner Leonid Mikhelson owning another 50.2 percent, while current and former Sibur managers, excluding Shamalov, have 13.2 percent.
Earlier this year, Timchenko, an ally of Russian President Vladimir Putin, sold his stake in commodities trader Gunvor.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
![paiment methods](https://static.themoscowtimes.com/img/contribute/payment_icons.png)
Remind me later.