In July 1999 Irina Panchenko was promoted to Sibneft vice president for finance and was appointed to the council of directors.

[2] Incumbent State Duma member Vladimir Yetylin (NPRF) faced opposition from regional authorities[3] and withdrew from the race on 3 December 2003, leaving Panchenko with just two opponents — GTRK "Chukotka" staff member Aleksandr Rudoy (Independent) and health worker Eduard Petrenko (Independent).

In the State Duma Irina Panchenko joined United Russia faction and was appointed to the Committee on Budget and Taxes.

After Roman Abramovich left his position as Speaker of the Duma of Chukotka Autonomous Okrug in July 2013, Irina Panchenko completely retired from politics.

In 2018 Panchenko and Malkin bought 25% in "Poronay" company, a key asset in large Sakhalin fishing conglomerate "Gidrostroy", owned by former Senator Aleksandr Verkhovsky.