Russian Deputy Finance Minister Savatyugin steps down

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Russian Deputy Finance Minister Alexei Savatyugin, who oversees the financial markets, banking and the insurance sector, is resigning with effect from January 9.

The 42-year-old official, whose departure from the ministry had been rumoured since summer 2012, is one of nine deputy finance ministers.

He has held the job since 2010, when then finance minister Alexei Kudrin reportedly created an extra lieutenancy for him. It was Kudrin who lured him into the ministry in 2004 from the world of capital markets, where Savatyugin had held various senior business roles for a decade.

As Kudrin and quite a few current Russian leaders, including President Vladimir Putin and Prime Minister Dmitry Medvedev, Savatyugin comes from St. Petersburg.

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