Lukoil to Sell Foreign Assets to Gunvor After U.S. Sanctions

1. The Announcement

Lukoil has accepted an offer from Gunvor to purchase its international subsidiary, Lukoil International GmbH, which holds its non-Russian assets.

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Lukoil says this move is a direct result of “restrictive measures” introduced by certain states (i.e., sanctions).

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Why It’s Happening

The U.S. recently imposed sanctions on Lukoil (and Rosneft) as part of broader pressure on Russia’s energy sector tied to the war in Ukraine.

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These sanctions have forced Lukoil to rethink its international footprint and divest major overseas holdings.

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Timeline & Conditions

While key terms of the deal are agreed, the binding agreement still depends on regulatory approvals — including clearance from the U.S. Office of Foreign Assets Control (OFAC) and other jurisdictions.

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Under U.S. licensing rules, companies have until November 21 to wind down transactions with Lukoil under the new sanction framework.

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Selling Price

Asset value

$10-12B

Discount

20-30%