According to the company, Iakobashvili and Belova resigned from their positions voluntarily. New members of Sistema's Board of Directors will be elected at the Annual General Meeting of Shareholders, scheduled for June this year.

AFK Sistema was founded in Moscow in 1993, with a total assets of about $ 20 billion and employs up to 70,000 people. The company is represented in the markets of banking, financial, telecommunications, technology, real estate, media, tourism and medical services. Sistema's largest shareholder is a Russian businessman Vladimir Yevtushenkov.

On April 13, Vladimir Yevtushenkov appeared on a list of the British-sanctioned oligarchs. Within hours of the imposition of the sanctions, Yevtushenkov handed over a 10%-share of Sistema to his son, Felix Evtushenkov, and reduced his share amount in the company to 49.2%.