Date: 29 June 2022 Author: Grzegorz Kuczyński

Another Russian Energy CEO Tenders Resignation

Leonid Fedun, the vice president of Russia’s second-largest oil producer Lukoil, has stepped down from his post shortly after the company’s CEO Vagit Alekperov had left the energy giant. Both resignations probably came in response to Western sanctions on Russia. An owner of a top-tier Russian soccer club, Spartak, Fedun had never been sanctioned for his business activity.

Leonid Fedun, 66, has stepped down as vice president of Russian oil producer Lukoil after reaching retirement age. Fedun, who was the co-founder of Lukoil, has served as its deputy CEO since 1994. He is another top executive to resign amid Western sanctions on Russia. Earlier, long-serving Lukoil president and a core company founder, Vagit Alekperov, had also resigned after personal sanctions had been imposed by Britain and Australia. Even if the company was not blacklisted, its CEO distanced himself. Fedun has never been sanctioned. Perhaps he quit the company because he is no longer associated with a private Russian energy company with assets worldwide. In recent years, Fedun has been more active as an owner of a football team rather than a Lukoil executive. Although in an interview with RBC newspaper, he argued that Russia should cut oil output. As of late September 2021, Fedun had a 9 percent share in Lukoil. Alekperov controlled about 28 percent of Lukoil. When Alekperov quit Lukoil in April, he was believed to control directly 3 percent of the share while a 5.5 percent package through funds and trusts. It is not known exactly how much Lukoil is controlled by Leonid Fedun.

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