Russian oligarch Igor Makarov’s privately held investment company has sold more than half its stake in Canadian natural gas producer Spartan Delta Corp for $121.5 million.
Makarov’s ARETI Energy SPV said on Monday it sold 15 million shares, or 9.8% of Spartan, for C$8.10 per share. After the sale, it will own around 8.4% of the company.
The exit comes on the heels of Canadian sanctions against some Russian oligarchs and companies.
Earlier this month, Canada imposed sanctions on five Russian individuals including billionaire Roman Abramovich and is barring 32 Russian companies and government entities from receiving defense equipment or supplies from Canada.
“The purpose of the share sale is to generate immediate liquidity and reduce ARETI’s overall economic exposure to Spartan,” ARETI Energy said in a statement.
Many companies have limited, put on hold or exited business activities in Russia after several governments slapped sanctions on Moscow over its invasion of Ukraine.
Russian President Vladimir Putin sent his troops into Ukraine on what he calls a “special military operation” to demilitarise and “denazify” Ukraine. Ukraine and the West say Putin launched an unprovoked war of aggression.
According to a Forbes profile Makarov is the founder of Itera, Russia’s first independent gas company.
Rosneft bought Itera from its founder in 2013, and the company was later rebranded as ARETI International Group of Companies.