FORMER London Stock Exchange boss Xavier Rolet has bowed to political pressure and resigned as chairman of Phosagro, a company facing sanctions over its ties to the Russian government.

The EU yesterday added Phosagro's chief executive Andrey Guryev to the sanctions list, claiming that the fertilizer producer is "largely connected" with the Russian government and provides it with a key source of revenue.

The move forced Rolet to u-turn on his defiance of calls to step down as chair of the company's board of directors, a position which earned him £171,000 in 2020.

"In light of the announcement regarding the new EU list of Russian citizens, I have tendered my resignation," Rolet told City A.M.

"In this senselessly tragic time, I can only hope that those with power to restore peace and liberty will find the courage and will do so," he added.

The comments mark a stark contrast from the tone struck by Rolet earlier this week. Rolet, who had been resisting calls to step down from Phosagro since the firm's shares were suspended from the London Stock Exchange earlier this month, challenged the efficacy of sanctioning Russia linked businesses.

"The logic of using the weight of sanctions, boycotts and public pressure to punish LSE-listed companies for failures of policy and negotiation frankly eludes me," Rolet wrote in a scathing Linkedin post even as tanks were rolling into Ukraine. The French businessman, who was awarded an Order of Friendship by the Russian Federation in 2017, has close ties with Russian politicians and businesses.

Rolet has vocally supported the Kremlin-backed Sputnik vaccine, attesting to its safety on Twitter, despite international health concerns.

(c) 2022 City A.M., source Newspaper