Adoniev, who fell under sanctions, will leave the ELSI coal project

The withdrawal of Sergei Adonyev from the ELSI project, which combines Sibanthracite and Elga Coal, was announced the day after the businessman was included in the sanctions list of the US Treasury

Russian businessman Sergei Adonyev has decided to withdraw from the ELSI coal project, his representative told RBC. “A transfer of ownership is expected in the shortest possible time,” he said.

The ELSI representative did not specify to whom Adonyev would transfer his share in the project. According to him, the legal process has already begun, details will be disclosed after the completion of the transaction.

In August 2022, it became known that Albert Avdolyan decided to unite his coal assets on the basis of Elga-Sibanthracite Management Company (ELSI) - the Elga Coal company (engaged in the development of Russia's largest Elga coal deposit in the southeast of Yakutia, its reserves are estimated at more than 2.2 billion tons) and the world leader in the extraction and export of high-quality anthracite Ultra High Grade Sibanthracite (combines Siberian Anthracite and Vostochny Mine in the Novosibirsk Region and Kiyzassky Mine in the Kemerovo Region). Production of ELSI companies increased by 19.8% in 2022, to 44.7 mmt

It was assumed that as a result of the merger, Adonyev, Avdolyan's longtime partner, would receive a stake in ELSI. In October 2022, he became the owner of 31.67% of A-Property Development, which controls Sibanthracite. Avdolyan's share in this company then fell to 36.67%. Another 31.66% was received by the general director of Sibanthracite Alexander Isaev.

Adoniev became a co-owner of the world's largest anthracite producer Business

The day before, on January 26, the United States introduced a new package of sanctions against Russian legal entities and individuals, including against Sergei Adoniev and his sons Luka and Philip.