UMMC Director General Kozitsyn resigned from EU sanctions

Andrey Kozitsyn has held this position since 1999, the decision to leave is aimed "to exclude the possible indirect application of sanctions against the companies of the UMMC group."The day before, he was included in the EU sanctions list Andrey Kozitsyn

DIRECTOR General of the Ural Mining and Metallurgical Company (UMMC) Andrey Kozitsyn, who was included in the new EU sanctions list, adopted due to the military operation in Ukraine, left the post, according to the company's website.

Kozitsyn announced his intention to step down on July 19 "in connection with the possible imposition in the future of personal sanctions by foreign states." This happened two days before the seventh package of sanctions was published in the Official Journal of the EU (on the evening of 21 July). Earlier, REUTERS and EUObserver wrote that Kozitsyn would be on the sanctions list.

The decision "is aimed at eliminating the possible indirect application of sanctions against the companies of the UMMC group," the company notes.

The European Union officially introduced another package of sanctions against RUSSIA Politics

Kozitsyn's statement was approved by the board of directors of the company. On July 19, he ceased to be the controlling officer of UMMC and other companies of the group. Elfat Ismagilov, who previously served as chairman of the board of directors, became the new general director of UMMC.

The European Union justified the sanctions against Kozitsyn by saying that the businessman, being the HEAD of the UMMC, "is engaged in sectors of the economy that provide significant income to the government of the Russian Federation, which is responsible for the annexation of Crimea and destabilization in Ukraine."

UMMC is the largest zinc producer in Russia and the second largest supplier of copper after Norilsk Nickel. The group includes more than 40 enterprises of various industries. Until March 2022, UMMC President Iskander Makhmudov and board member Andrey Bokarev were the controlling beneficiaries, however, the company said that they ceased to be them and left the board of directors.

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Kozitsyn became the general director of UMMC in 1999. The businessman is in 45th place in the ranking of Russian billionaires according to FORBES; The magazine estimates his net worth at $1.9 billion.

In June, CANADA imposed sanctions against Kozitsyn.