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Russneft is part of a group of companies controlled by Mikhail Gutseriev and members of his family. A bank owned by the group, B&N Bank, is being bailed out by the Russian central bank.
The decision to shake up the board came as Mikhail Shishkhanov, Gutseriev's nephew, sold out from the Safmar group, an holding company for business interests ranging from oil, including Russneft, and coal to financial services.
Shishkhanov is a Russneft board member. The company is chaired by Gutseriev.
A Russneft spokeswoman declined to comment.