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Gunvor withdraws its offer to acquire Lukoil's foreign assets

07 November 2025 11:54 (UTC +04:00)

International oil trading company “Gunvor Group” has announced that it has withdrawn its offer to purchase “Lukoil’s” foreign assets following a statement by the U.S. Department of the Treasury denying the company a license to conduct business operations, APA-Economics, the company posted on its “X” account, APA-Economics reports.

“The Treasury Department statement about Gunvor is fundamentally misinformed and false. Gunvor is and has always been open and transparent about its ownership and business, and has for more than a decade actively distanced itself from Russia, stopped trading in line with sanctions, sold off Russian assets, and publicly condemned the war in Ukraine. We welcome the opportunity to ensure this clear misunderstanding is corrected. In the meantime, Gunvor withdraws its proposal for Lukoil’s international assets,” the post stated.

Earlier, the U.S. Department of the Treasury announced that it did not intend to grant Gunvor a license that would allow it to conduct business operations and earn profits until the conflict in Ukraine is over. The Department did not specify which license was meant. It also claimed that Gunvor was under Russian control.

Recently, “Lukoil” issued an official statement saying that its subsidiary company owning foreign assets, Lukoil International GmbH, had received a formal acquisition offer from “Gunvor Group.” According to the statement, “Lukoil” had already agreed on the main terms with “Gunvor Group” and committed not to engage in negotiations with other potential buyers.

It should be recalled that on October 22, the U.S. Department of the Treasury imposed sanctions on Lukoil and its subsidiaries in which it owns more than 50% of the shares. All transactions with them must be completed by November 21. Meanwhile, the European Union, within the framework of the 19th sanctions package announced on October 23, imposed restrictions on “Litasco Middle East DMCC,” the trading division of “Lukoil” based in Dubai.