Moscow—Russian billionaire Gennady Timchenko, co-founder of Gunvor who recently divested his entire holdings in the trading group, has also sold his 50% stake in IPP Oil Products and completely withdrawn from oil trading operations, his representative said Thursday. Timchenko divested his entire 43.5% holding in Switzerland-based trading house Gunvor on March 19, in anticipation of US sanctions announced the following day to further punish Russia over its de facto annexation of Ukraine’s Crimea peninsula.
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