For the past 12 years, Guriev has combined his position as Russia’s fertilizer tycoon with the role as representative in the upper house of the Russian pariament, the Federation Council. Today, the political career of the billionaire came to an end as Federation Council colleagues approved his resignation from the body.
Most likely, Guriev was forced to leave the Council following the stricter federal restrictions on civil servants’ and state representatives’ right to possess foreign bank accounts. Several representatives of both the State Duma and the Federation Council have already left their position for the same reason.
“I have decided to give preference to my business”, Guriev told Interfax. He is now likely to take on the position as board chairman of the Phosagro.
The vacant seat in the Federation Council will be taken by one of the current members of the Murmansk Duma, a press release from the Murmansk regional administration reads.
Guriev’s work as senator has coincided with his skyrocketing career within the Russian fertilizers industry. Since his appointment to the Federation Council since 2001, Guriev has developed into Russia’s strongman within the production of fertilizers. He now fully controls the Phosagro company and has over the last year also gained closed to 100 percent ownership of Apatit, the regional fertilizer producer in the Kola Peninsula.
As previously repoted, Guriev started his career in Menatep, the bank owned by Mikhail Khodorkovsky and his partner Platon Lebedev, and is according to Forbes now ranked as Russia’s 29th richest person with a fortune estimated to $3.5 billion.
