"Lukoil Urgently Sells International Assets Amid Sanctions

It became known who the buyer was.

Russia's under-sanctioned Lukoil has announced that its international assets owned by LUKOIL International GmbH will be sold to Gunvor, the Financial Times wrote, citing a company statement.

"The key terms of the deal were previously agreed by the parties," the oil giant said in an October 30 statement.

The company stressed that the sale was linked to the US restrictive measures imposed on Lukoil and its subsidiaries. As reported in Washington, the sanctions also concern Rosneft and 34 of their foreign structures, and the counterparties face secondary restrictions if they do not stop operations with the sub-sanctioned legal entities.

What is known about the buyer?

Gunvor, founded by Torbjorn Tornqvist and Gennady Timchenko, was previously one of the largest sellers of Russian oil abroad. Timchenko is considered close to dictator Vladimir Putin, but he sold his stake to Tornqvist after the 2014 sanctions to avoid restrictions.

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