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. Last Updated: 07/27/2016

Executives Join Ivanov's Tech Board

Billionaires Vladimir Yevtushenkov, Alexei Mordashov, Mikhail Prokhorov and Alexander Abramov will take seats on the government's new nanotechnology council, Kommersant reported Friday.

The body will be headed by First Deputy Prime Minister Sergei Ivanov and aims to foster nanotechnology in the country, the newspaper said, citing a government resolution. Nanotechnology is the science of building devices from single atoms and molecules.

Abramov and Mordashov, who head steelmakers Evraz Group and Severstal, respectively, were named to the council as part of a quota from the Russian Union of Industrialists and Entrepreneurs, Kommersant reported.

Yevtushenkov, controlling shareholder of Sistema, wants to develop nanotechnology for his Sitronics unit, while Prokhorov, a co-owner of Polyus Gold, has set up a fund for nanotechnology projects, the newspaper said. Rosneft CEO Sergei Bogdanchikov will also sit on the council, Kommersant said.

The council aims to ensure coordination among the authorities and businesspeople and scientists, the government said on its web site last week.

Rosneft declined to say why Bogdanchikov had joined the council and Yevtushenkov and Abramov did not explain their interest, Kommersant said. Yevtushenkov said, "I was asked -- I agreed," while Mordashov "received an invitation and he agreed," the newspaper said.

Bloomberg, MT