Economics
Russian Billionaire Cut Stakes Beyond Gunvor Before Sanctions
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Gennady Timchenko, the billionaire co-founder of Gunvor Group Ltd., sold a stake in a company linked to one of the oil trader’s suppliers a day before he was hit with U.S. sanctions.
Timchenko sold a 49.88 percent holding in Finnish company International Petroleum Products Oy on March 19, according to a statement issued on April 14 by Volga Group, Timchenko’s investment vehicle. A company related to IPP was Gunvor’s fourth-largest supplier in 2012, accounting for 3.3 percent of Gunvor’s total cost of sales, according to a bond prospectus issued last year by the Geneva-based oil trader.