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SOCHI, Russia (Reuters) - Russian President Vladimir Putin has dismissed Economy Minister Alexei Ulyukayev after losing trust in him, Kremlin spokesman Dmitry Peskov said on Tuesday.

Ulyukayev was detained overnight and charged with extorting a $2 million bribe from Rosneft, Russia’s biggest oil company.

Peskov told reporters that Ulyukayev’s arrest did not concern a $5 billion deal for Rosneft to purchase a stake in mid-sized oil producer Bashneft.