Konov exits Sibur governance following sanctions

MOSCOW—Sibur Holding's Dmitry Konov has resigned from his key positions within the Russian petrochemicals major following his inclusion on the European Union and United Kingdom sanctions lists.

Konov has stepped down as chairman of Sibur's management board and resigned from the holding company's board of directors, Sibur said March 16.

Furthermore, Konov also has given up his positions on the management boards at Sibur Holding and Sibur L.L.C., the company added.

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Sibur is the largest integrated petrochemicals company in Russia. The company purchases hydrocarbons and process them into plastics, rubbers and other products that it sells within two Russian and international business segments: Olefins & Polyolefins, and Plastics, Elastomers & Intermediates.

Sibur said its management board "will transfer its decision-making authorities partly to PJSC Sibur Holding's Board of Directors and the remainder to the Management Board of Sibur L.L.C., PJSC Sibur Holding's management company."

With the move, Sibur said it expected to improve its resilience "as one of the fastest-growing petrochemical players in the world."

European Rubber Journal contributed to this report.