Sanctioned businessman Adonyev to withdraw from ELSI coal project
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Businessman Sergei Adonyev will cease to be a shareholder of the ELSI coal project jointly with Albert Avdolyan, a company representative told Vedomosti on Friday, January 27. The day before, the US Treasury included Adoniev in the SDN List.
“Sergey Adonyev has made a decision to withdraw from the ELSI coal project,” a company representative said. According to her, the transfer of ownership has already begun and is expected to be completed “as soon as possible.”
Adoniev, together with Avdolyan, owns ELSI on an equal footing, a company representative clarifies. To whom Adoniev’s shares will be sold or transferred, she does not comment.
ELSI is the third largest coal producer in Russia after SUEK and Kuzbassrazrezugol. The company includes the Elginsky coal complex (the largest coking coal deposit in Russia), the Kolyvansky Mine (former Sibanthracite), the Vostochny Mine, the Kiyzassky Mine and the Verkhneteshsky Mine, the Ogodzhinskoye coal deposit, the Vera ports and Elga and the Pacific Railroad.
Adonyev was convicted in the United States in the 1990s in a criminal case on the export of Cuban sugar to Kazakhstan. In September 2021, he filed a petition in the District Court for the Central District of California to overturn the guilty plea he made in this case and the judgment based on it. Adoniev claimed that the confession was made on the “blatantly wrong advice” of a lawyer. Shortly thereafter, the court removed the criminal record from the businessman.
In 2007, Avdolyan and Adoniev founded the telecommunications company Yota, which they sold to MegaFon in 2013 for $1.18 billion. They had other joint businesses, from which Adoniev also left.
In the fall of 2022, Adoniev returned to the joint business with his former partner Avdolyan.
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