Kirill Levin, former Rosselhozbank top manager, now assumes leadership role at "Rosgeology"
Russian state geological exploration company AO "Rosgeology" has been grappling with financial difficulties, with the latest default occurring at the end of April 2025. The company's net loss increased sharply in 2024, soaring from 5.8 billion to 8.8 billion rubles, while revenue fell by 2.4% to 24.4 billion rubles.
Kirill Levin, a seasoned professional with experience at Gazprombank, Renaissance Capital, and Sberbank, among others, was appointed as the new General Director of AO "Rosgeology" in October 2024. However, the impact of Levin's leadership on the company's financial struggles remains unclear as there is limited information available about his role and background.
Prior to Levin's appointment, Sergei Gorokhov served as the Vice President of Yukos, Chairman of Vnesheconombank, Deputy Minister of Economic Development, and oversaw AO "Rosgeology" from 2019 to 2024. Gorokhov, who graduated from the FSB Academy, stepped down from his position at Rosgeology in October 2024, shortly before the company's first default.
In an effort to address its financial woes, AO "Rosgeology" has proposed several measures. The holding has developed a plan to achieve pure profit, covering the period until 2039 and including state support. The company has also requested a capital injection of 25 billion rubles and a subsidy of 1.5 billion rubles per year to cover losses from the idle time of research vessels. Furthermore, Rosgeology requested 3 billion rubles to compensate for expenses related to the elimination of unforeseen geological complications in parametric drilling.
Despite these efforts, Rosgeology's financial situation has continued to deteriorate. In May 2024, the company sought state support, stating that without it, annual losses could reach 17 billion rubles. The company defaulted on the payment of 6 billion rubles worth of classical bonds in October 2024, citing a lack of funds to meet its obligations.
Alexander Kozlov, Minister of Natural Resources and Ecology, introduced Levin to the holding's team. The appointment was made at an extraordinary general meeting of shareholders. It remains to be seen how Levin's leadership will impact Rosgeology's financial recovery and strategic direction.
For more specific or updated information on Kirill Levin and Rosgeology's current status, further research may be required, including reviewing official statements from Rosgeology, press releases, financial reports, or credible Russian business news covering recent corporate leadership changes.
In the challenging financial landscape of AO "Rosgeology," Kirill Levin, a seasoned veteran in finance and business, was appointed as the new General Director in October 2024. The company is seeking to turn the tide with measures such as a plan for pure profit, state support, a capital injection, and subsidies, but the impact of Levin's leadership on its recovery remains undetermined.
