Robust, selective, and stable in the presence of ethylene, ruthenium olefin metathesis pre‐catalyst, {[3‐benzyl‐1‐(10‐phenyl‐9‐phenanthryl)]‐2‐imidazolidinylidene}dichloro(o‐isopropoxyphenylmethylene)ruthenium(II), Ru‐3, bearing an unsymetrical N‐heterocyclic carbene (uNHC) ligand, has been synthesized. The initiation rate of Ru‐3 was examined by ring‐closing metathesis and cross‐metathesis reactions with a broad spectrum of olefins, showing an unprecendented selectivity. It was also tested in industrially relevant ethenolysis reactions of olefinic substrates from renewable feedstock with very good yields and selectivities.