[5] Shortly after the Russian invasion of Ukraine started, Lukoil's board of directors, headed by Maganov, issued a statement calling for a quick end to the conflict, describing it as a "tragedy" and expressed sympathy to its victims.

[8][9] On 1 September 2022, Maganov allegedly "died after falling from a sixth-floor window at the Moscow Central Clinical Hospital".

[11][12] Russian state news agency TASS reported the death as a suicide and claimed that he had been taking antidepressants.

[10] Russian news site Baza, which has close ties with the police, suggested that Maganov may have fallen from a balcony while smoking.

[13] President Vladimir Putin had visited the hospital to pay respects to Mikhail Gorbachev on the day of Maganov's death.