Major shareholder of Russia's largest coal company SUEK resigns after EU sanctions

In the statement made by the company, it was stated that Melnichenko left the board of directors.

It was stated in the statement that Melnichenko served as the Chairman of the Human Resources and Compensation Committee of the SUEK Board of Directors, and that as of the end of 2021, the legal entity representing Melnichenko indirectly owned 92.2% of the company shares.

In the statement, it was stated that the shares controlled by Melnichenko decreased to zero after Melnichenko's departure, and that SUEK will continue to supply coal to its customers worldwide.

SUEK, the largest coal producer in Russia, became the world's sixth largest coal producing company in 2020. The company has activities in electricity generation and various sectors.

The EU, in a statement yesterday, decided to impose sanctions on 14 oligarchs, including Russian billionaires and Formula 1 pilots, and 146 members of the Russian Federal Council.