Sanctioned businessman Timchenko to head Russia-Chinese council

Businessman Gennady Timchenko, who has been included on the U.S. sanctions list, will head the Russian part of the inter-state Russian-Chinese business council, the Izvestia (News) newspaper reported on Tuesday citing Russian presidential commissioner for the businessmen's rights Boris Titov.

Businessman Gennady Timchenko, who has been included on the U.S. sanctions list, will head the Russian part of the inter-state Russian-Chinese business council, the Izvestia (News) newspaper reported on Tuesday citing Russian presidential commissioner for the businessmen's rights Boris Titov.

"We have big cooperation prospects in very different spheres from electric power to agriculture. We hope that the number of joint projects between Russian and Chinese businessmen will grow in the future and that trade turnover between the countries will rise," Titov said.

Timchenko's spokesman Anton Kurevin said he confirmed the information on the new status of the businessman.

"China is Russia's strategic partner and in the recent years there has been a stable tendency of increasing cooperation with Chinese partners in different economic sectors. Gennady Timchenko has successful personal experience of cooperating with Chinese partners, in particular of Novatek (MOEX: NVTK) and Sibur. Of course, he will be useful in developing and enhancing further business ties," Kurevin said.

The Russian-Chinese business council was established in 2004 in the framework of Russian President Vladimir Putin's official visit to China, the newspaper reported. The council is comprised of over 150 of the largest Russian and Chinese enterprises, the daily reported. Currently 27 trade, economic and investment projects worth over $8.9 billion are being implemented with its support in 19 Russian regions and Chinese provinces.

All rights reserved by Rossiyskaya Gazeta.

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