The Serbian Economist reports that Swiss trader Gunvor has turned down an offer to buy Lukoil’s international assets after the US Treasury Department said 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.
Lukoil announced in early 2025 that it had accepted Gunvor’s offer to acquire the Lukoil International GmbH structure, subject to approvals including an OFAC licence. Following the US Treasury Department’s announcement, Gunvor withdrew the offer.
The US agency made it clear that the licence would not be issued until Russia’s war against Ukraine is over. Gunvor denied the allegations, saying it had distanced itself from Russian operations and severed ties with Gennady Timchenko in 2014, but confirmed the withdrawal from the agreement.
According to media reports, the portfolio of assets discussed as part of the deal was valued at $20-22bn and included refineries and distribution networks in Europe, as well as stakes in projects abroad.
Gunvor’s rejection raises uncertainty over the fate of Lukoil’s foreign assets amid US sanctions coming into force on 21 November.
For Lukoil’s asset package discussed in the failed agreement with Gunvor, media outlets cite the following countries:
- Refinery and refining
- Bulgaria – Lukoil Neftohim Burgas, 190 thousand barrels per day. Romania – Petrotel Ploietiti. Several materials also mentioned related European capacities and terminal infrastructure.
- Supply networks and fuel logistics
- Romania, Bulgaria, Serbia, North Macedonia, Bulgaria, Croatia, Montenegro, Turkey.
- Production projects and interests in fields
- Iraq – West Qurna-2, etc. Kazakhstan – stakes in TCO, Karachaganak, etc. Uzbekistan – a number of projects in Gissar, etc. Mexico – offshore blocks. UAE, Egypt and Azerbaijan were also mentioned in a number of reviews.