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
According to Serbian Economist, Russian oil and gas company Lukoil has announced that it has reached an agreement with Gunvor Group to sell all of its foreign assets, including its Serbian subsidiary Lukoil International GmbH (Austria) and its shares in Serbia.
Lukoil’s official statement indicates that Gunvor’s offer has been accepted and that the company undertakes not to negotiate with other potential buyers. The completion of the deal depends on obtaining permission from the US Office of Foreign Assets Control (OFAC) due to the sanctions imposed on Lukoil.
The sale is related to “restrictive measures” imposed by certain countries on Lukoil and its foreign subsidiaries. The deal involves the transfer of networks, assets, and business to the Serbian company Lukoil Serbia.
According to the company’s official data, at the end of 2025, there were 112 Lukoil Serbia gas stations operating in Serbia. Lukoil was second in terms of the number of stations on the Serbian market.
The Serbian retail fuel market is estimated at approximately €3.5 billion in revenue for 2024.
Gunvor Group Ltd is an international energy trader registered in Cyprus with its headquarters in Geneva. In 2024, the company’s revenue amounted to approximately $136 billion. Gunvor specializes in trading crude oil, petroleum products, and LNG, and also has assets in infrastructure (terminals, storage facilities) around the world.
