The Russian timber giant Segezha Group is unaffected by the British sanctions against Vladimir Evtushenkov that came into effect on April 13. The Russian oligarch is the founder and main shareholder of Segezha parent company Sistema PJSFC.
Vladimir Yevtushenkov has reduced his stake in the corporation to 49.2% amid UK sanctions.
Sistema said in a statement that Vladimir Yevtushenkov had transferred a 10% stake to his son, a member of Sistema's board of directors and a senior managing partner, Felix Yevtushenkov.
As a result of this transaction, Felix Yevtushenkov's stake in the share capital of Sistema has increased to 15.2%, whereas Vladimir Evtushenkov's shareholding in Sistema has decreased to 49.2%.
The sanctions imposed by the UK Government on Vladimir Yevtushenkov on April 13 are personal and do not target the corporation and other group companies, Sistema said.
Sistema's asset portfolio includes MTS , timber industry holding Segezha Group , Ozon, real estate developer Etalon , medical clinic chain Medsi, Steppe Agroholding, pharmaceutical holding Binnopharm Group, and others.
