According to Serbian Economist, Swiss trader Gunvor has declined an offer to purchase Lukoil’s international assets after the US Treasury Department stated that it would not approve the deal and called the company a “puppet of the Kremlin.” This was reported by Reuters, the Financial Times, and AP.
In early 2025, Lukoil announced that it had accepted Gunvor’s offer to acquire Lukoil International GmbH, subject to obtaining approvals, including an OFAC license. Following the US Treasury Department’s statement, Gunvor withdrew its offer.
The US agency made it clear that the license would not be issued until Russia ended its war against Ukraine. Gunvor rejected the accusations, stating that it had distanced itself from Russian operations and severed ties with Gennady Timchenko in 2014, but confirmed its withdrawal from the deal.
According to media reports, the asset portfolio discussed in the deal was valued at $20-22 billion and included refineries and distribution networks in Europe, as well as stakes in projects abroad.
Gunvor’s refusal increases uncertainty surrounding the future of Lukoil’s foreign assets amid US sanctions coming into force on November 21.
The media lists the following countries as part of the Lukoil asset package that was discussed in the failed deal with Gunvor:
Source: https://t.me/relocationrs/1707
