Andrei Kozicin Resumes Position as UGMC's Chief Executive Officer
Andrey Kozitsyn, a prominent Russian businessman and former CEO of Ural Mountain Metallurgical Company (UGMK), Russia's largest copper producer, has returned to his post as CEO of UGMK following the removal of his name from the EU sanctions list on September 18, 2024 [1].
Kozitsyn's tenure at UGMK began in 2002, where he served as co-founder and CEO for 20 years [2]. However, his leadership role came to an end in July 2022 when he was included in the EU sanctions list [3]. This forced him to step down from his position due to the geopolitical situation and European regulatory measures.
During his absence, Elfát Ismagilov served as the acting CEO of UGMK from July 22, 2022, to July 2, 2025 [4]. On July 3, 2025, Kozitsyn resumed his role as CEO of UGMK, marking his return to the company [5].
It is worth noting that Kozitsyn's return was not without prior controversy. He had left the post of CEO of UGMK two days before the announcement of the sanctions list [6]. Additionally, Canada imposed sanctions on Kozitsyn personally [7].
Despite the challenges faced by the Russian mining and coal sector due to EU sanctions and the ban on Russian coal, specific details on Kozitsyn's personal career actions or roles post-sanctions are not documented in available sources [3].
Prior to his inclusion in the EU sanctions list, Forbes magazine had included Kozitsyn in the rating of 146 richest people in Russia [8]. The exact financial impact of the sanctions on Kozitsyn's personal wealth is not publicly known.
As Kozitsyn returns to UGMK, the company continues to be subject to blocking sanctions by the US from July 2023 [9]. The ongoing geopolitical tensions and regulatory measures pose challenges for the future of UGMK and the broader Russian mining and coal sector.
References:
- Justmedia.ru
- Forbes
- CNN
- Justmedia.ru
- Justmedia.ru
- Justmedia.ru
- Global News
- Forbes
- U.S. Department of the Treasury
The return of Andrey Kozitsyn as CEO of UGMK, Russia's largest copper producer, signifies a significant event in both the finance and business sectors, given his position and the company's economic importance. Despite his prior controversy, Kozitsyn's financial impact, particularly in the wake of EU sanctions and their effect on his personal wealth, remains undocumented.
