One of the Russian businessmen on the US sanctions list has sold his stake in a major energy company to his Swedish partner.
In response to the Russian takeover of Crimea, the US has struck at rich and influential people in Russia who are seen as part of President Vladimir Putin’s inner circle. Among them is Gennady Timchenko, co-founder of Gunvor, the fourth biggest private oil trading firm in the world.
The US Treasury said in a statement: “Timchenko’s activities in the energy sector have been directly linked to Putin. Putin has investments in Gunvor and may have access to Gunvor funds.”
The oil company responded that all Timchenko’s shares were sold on March 19th to his co-founder, the Swede Torbjorn Törnqvist. The company also said that Putin “has not and never has had any ownership, beneficial or otherwise in Gunvor”.
Putin has repeatedly faced allegations that he helped Timchenko build the Gunvor empire, reports CNBC.
Törnqvist, who now owns 87 percent of the oil-trading giant, was born in the Stockholm suburb of Solna. Swedish Television reports that he is very rich, having personally funded the Royal Swedish Yacht Club to tune of billions of krona so the club could enter the 2013 Americas Cup sailing race.
Sweden’s King Carl XVI Gustaf also namedTörnqvist General Consul in Geneva, Switzerland. Oil-trading company Gunvor is based in Switzerland.
News agency TT reports that Gunvor does not want to say how much Törnqvist paid for Timchenko’s 44 percent. “It was a straight deal,” it told TT.
Source: Radio Sweden - TT
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