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G.Timchenko will head the Russian part of the Russian-Chinese Business Council

Gennady Timchenko, the former owner of the oil trader Gunvor, who is subject to the sanctions imposed by the United States, will head the Russian part of the interstate Russian-Chinese business council.

Boris Titov, head of the Russian-Chinese Friendship Committee, authorized by the President of the Russian Federation for the protection of entrepreneurs' rights, said this in an interview with the Izvestia newspaper.

"We have great prospects for cooperation in various fields from electricity to agriculture," Titov said. "We hope that in the future the number of joint projects between Russian and Chinese entrepreneurs and trade between the countries will grow."

The information about the new position of the ex-owner of Gunvor was confirmed by RIA Novosti and its representative, Anton Kurevin, who noted that “Gennady Timchenko has a successful personal experience of cooperation with Chinese partners, in particular on the projects of NOVATEK and Sibur, and he certainly will be useful in the development and subsequent strengthening of business ties. "

20 March 2014 of the year Gennady Timchenko was included in the sanctions list of the US authorities, which involves blocking all the assets of a businessman in the United States and visa restrictions, due to the position of Russia in relation to Ukraine.

Gennady Timchenko owns Volga Group, Transoil, Stroytransgaz, Avia Group, Sakhatrans and others. The main asset - 44% of the shares of the oil trader Gunvor - Timchenko sold to his partner Torbjorn Tornqvist the day before the imposition of sanctions.

28 April, the United States announced the introduction of new sanctions against seven Russian officials and the 17 company. The list of companies subject to US sanctions includes the Volga Group holding, which combines the Russian assets of Gennady Timchenko, as well as a number of assets belonging to the group, where the Volga Group has more than 50%.

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