Alrosa CEO Sergey Ivanov to Step Down, Report Says
According to Russian news sources, the sanctioned head of the diamond company is leaving to take a job with an investment group.
A report published by Rough & Polished stated that Ivanov is leaving the company potentially to join investment company Volga Group, which manages the assets of Russian billionaire Gennady Timchenko.
Reached Friday morning by National Jeweler, Alrosa declined to comment.
Ivanov has headed Alrosa since 2017.
Then 36 years old, Ivanov—the son of Sergey Ivanov Sr., a high-ranking Kremlin official who been under U.S. sanction since 2014—was the youngest CEO in Alrosa history.
Ivanov Jr. is on the U.S. Office of Foreign Asset Control’s Specially Designated Nationals list because of his father and because he sits on the board of Gazprombank, Russian’s third-largest bank and one of the many financial institutions sanctioned by the U.S. following Russia’s invasion of Ukraine.
Individuals on the list have their assets blocked and U.S. citizens and businesses are generally prohibited from doing business with them.
Ivanov Jr. was placed on the list in February, immediately following the invasion.
Alrosa landed on the list in April.
The two have signed “heads of terms” for the tentative 10-year sales agreement they reached in June.
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