A Russian oligarch has quit a German oil giant venture, becoming the latest to stand down after being sanctioned

• German Khan stepped down from Wintershall Dea's board after being sanctioned by the EU and UK.
• He'd already resigned from Wintershall Dea shareholder LetterOne and private Russian bank Alfa-Bank.

Russian oligarch German Khan has quit the board of German oil company Wintershall Dea, becoming the latest Russian oligarch to step down from a senior company position after being sanctioned.

The company issued a statement announcing his immediate departure on Tuesday, the day EU and the UK imposed sanctions on him, freezing his assets. Reuters first reported his resignation.

Many Russian oligarchs have been resigning from their posts as a result of sanctions imposed after the country's invasion of Ukraine. Many have had their assets frozen, their overseas properties raided, and their yachts seized.

"No confidential information regarding Supervisory Board topics will be shared with German Khan any longer," Wintershall Dea's statement said.

"Wintershall Dea does not expect any impact on its operating activities," the company also said, adding that it is complying with all sanctions.

It has also stopped payments to LetterOne, saying it was unsure whether Khan's sanctioning would impact its shareholder.

Khan's resignation from Wintershall Dea follows his resignation as a director of LetterOne, in addition to resigning from Russian private bank Alfa-Bank, of which Khan was co-owner, Reuters reported.

Wintershall Dea did not immediately respond to Insider's request for comment.

Wintershall Dea is a joint venture between German chemical multinational BASF and LetterOne. LetterOne's co-founder is sanctioned Russian oligarch Mikhail Fridman. A biography of him on the company's website appears to have disappeared.

Khan is "believed to be one of the most influential persons in Russia" the EU said when announcing the sanctions, adding that he "maintains a close relationship with Vladimir Putin and continues to trade significant favours with him."

Tigran Khudaverdyan, the CEO of Yandex, Russia's top technology company, also resigned after being sanctioned by the EU on March 15, The Moscow Times reported.

In sanctioning him, the EU cited whistleblower's claim that Yandex was a "key element in hiding information" from Russians about Ukraine.

Andrey Melnichenko, who founded Russia's largest fertilizer and coal companies, also stepped down from his companies' boards last week.

The EU's latest round of sanctions on Russia also include bans on Russian energy sector investments, luxury goods exports to the country, as well as steel imports from the country, Reuters reported.