At the end of October 2025, Lukoil came under US sanctions, which required the company to wind down its international operations by November 21. Lukoil needed to sell global assets valued at $22 billion located in 11 countries.
The buyer, Swiss oil trader Gunvor, emerged quickly, raising suspicions because of past ties with Russian authorities. On November 7, the US Treasury refused to grant Gunvor a license to acquire these assets, explicitly labeling it a "Kremlin puppet." Gunvor immediately withdrew its application.
Historically, Gunvor has collaborated closely with Russian firms and individuals close to Putin and handled significant volumes of Russian oil transit in the 2000s. Despite changes in ownership structure, some Western experts continue to question Gunvor’s independence from Russian influence.
The US decision will significantly affect the structure of the international oil and gas market, especially Lukoil’s key assets in Eastern Europe, the Balkans, and Asia. Bulgaria is preparing measures for state control over a refinery that supplies fuel to the entire region.
This case is a clear signal to international companies about the need for transparent ownership and genuine independence from Russian influence.
