Russian billionaire reducing stake in Calgary’s Spartan Delta Corp.

Makarov’s Areti Energy SPV, which until the sale was the largest shareholder in Spartan Delta, sold 15 million shares, representing 9.8% of the Calgary-based company, for C$8.10 ($6.44) per share, according to a Monday statement by Makarov’s Switzerland-based company Areti Energy S.A. Total proceeds were C$121.5 million.

Spartan fell 1.7% to C$9.07 as of 12:23 p.m. in Toronto.

“The purpose of the share sale is to generate immediate liquidity and reduce Areti’s overall economic exposure to Spartan,” the firm said in the statement. Makarov, a former Russian cyclist, isn’t sanctioned in Canada. Areti still owns about 8.4% of the company, the statement said. The firm didn’t reply to a request for comment.

Last month, the Canada government said it was examining assets of Russian oligarchs inside Canada and considering more sanctions. Roman Abramovich, owner of Chelsea FC in the English Premier League, is the largest shareholder in Evraz Plc, which owns metal facilities in Regina, Calgary and Edmonton. Alexander Abramov, Alexander Frolov, Evgeny Shvidler and Maxim Vorobyev are also among the top six shareholders in the steel and mining company, according to Bloomberg data.