Russian oil company Lukoil to sell international assets to Gunvor following US sanctions
- Published
by Admin
Russian oil company Lukoil on Thursday (30 October) said it has accepted an offer from Swiss commodity trader Gunvor to purchase Lukoil International GmbH, its wholly-owned subsidiary, which owns the group’s international assets.
Lukoil has agreed not to negotiate with other potential buyers.
“The conclusion of the binding agreement for the transaction is subject to conditions precedent including obtaining OFAC permission by the Purchaser as well as any other applicable licenses, permits and other authorizations in other applicable jurisdictions,” the company said in a statement on its website.
“If necessary, the parties plan to apply for extension of the existing OFAC license and any additional licenses to ensure uninterrupted operations of international assets and their banking servicing for the period until the completion of the transaction.”
Lukoil added the sale of its international assets is due to restrictive measures of some states introduced against the company and its subsidiaries.
On 27 October, the Russian company announced its intention to sell its international assets following new sanctions imposed by the US recently.
On 22 October, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced new sanctions on Rosneft and Lukoil, Russia’s two biggest oil companies.
According to its website, Lukoil also supplies marine fuels and lubricants to Russian sea and river ports, has a bunker fleet, and has a wide network of representative offices across the world.
Related: Russian oil company Lukoil to sell international assets following US sanctions
Photo credit: Artem Shuba on Unsplash
Published: 3 November, 2025
Related Topics:
