A press release states that "the key terms of the deal were agreed upon earlier... The sale of LUKOIL International GmbH is related to the imposition of restrictive measures by certain states against PJSC Lukoil and its subsidiaries."
The amount of the deal has not been disclosed, and its conclusion depends on the fulfillment of a number of conditions, including obtaining permission from the U.S. Treasury's Office of Foreign Assets Control (OFAC).
Gunvor Group is one of the largest international energy companies specializing in the trade of energy resources, with an office in Switzerland.
The company was founded in 2000 by Swede Torbjörn Törnqvist and Russian businessman Gennady Timchenko. In 2014, Gunvor Group decided to exit its Russian assets, and Timchenko sold his 43% stake.
Earlier, U.S. Treasury Secretary Scott Bessent announced sanctions against two of the largest Russian oil companies. According to him, "Rosneft" and "Lukoil" "finance the Kremlin's war machine." A week prior, similar measures were taken by the United Kingdom, freezing the companies' assets and prohibiting new deals. The companies have been given one month to wind down their operations.
