Moscow: Russia’s Deputy Prime Minister Yury Trutnev has confirmed that Alrosa President Andrey Zharkov will be replaced by Sergey Ivanov, currently the Senior Vice President of Sberbank.

He made the comments to the TASS news agency on the sidelines of the Russian Investment Forum in Sochi on Monday.

Trutnev said that Zharkov had submitted a resignation letter and the decision on his replacement will be made at Alrosa’s next supervisory board meeting to be chaired by Russia’s Finance Minister Anton Siluanov.

Russia’s Kommersant newspaper last week cited sources as saying that Zharkov, who has been Alrosa’s CEO since spring 2015, has been in dispute with the Finance Ministry over its 2017 budget.

Alrosa’s major shareholders are the Russian Federation with 33.02 percent, the Republic of Sakha (Yakutia) with 25 percent, and the districts of Yakutia with 8 percent, while 34 percent are traded.