Russian Tycoon Dumps Shares To Beat US Sanctions Rap

Russian Tycoon Dumps Shares To Beat US Sanctions Rap

Via AFP:

Russian billionaire Gennady Timchenko sold his stake in Gunvor a day before being named in sanctions announced by the United States over the Ukraine crisis, the Swiss-based commodity trading company said Thursday.

Forbes has ranked oil and gas tycoon Timchenko as Russia's sixth richest man, with a $15.3 billion fortune from Gunvor.

Timchenko, reputedly a close confidant of Russian President Vladimir Putin, offloaded all his shares in the company he co-founded after "anticipating potential economic sanctions" a Gunvor statement said.

On Thursday, the US Treasury placed the 61-year-ol...

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