Gunvor’s big move: Buying Lukoil sparks US concerns over Russia links
Sanctions on Lukoil (Illustrative photo: Getty Images)
The Gunvor Group, led by Torbjörn Törnqvist, is using US sanctions to acquire Lukoil’s assets. However, the deal must be approved in Washington due to concerns about possible Kremlin ties, Bloomberg reports.
The announcement of a potential acquisition of Russian oil giant Lukoil’s assets by the Swiss company Gunvor has drawn heightened attention in the energy industry.
Unsurprisingly, the deal was announced just a week after the US imposed sanctions on Lukoil, which triggered a wave of inquiries from other energy companies about acquiring its assets. However, most of these inquiries were reportedly denied, according to sources familiar with the situation.
The key factor will be the approval of the deal by the US government. Gunvor has already begun discussions with representatives of the US Treasury Department. While officials have some concerns about potential Russian influence on the company, they acknowledge that Gunvor maintains constructive relations with the US, particularly regarding the oil price cap imposed by Western countries to reduce Moscow’s revenues.
Treasury officials are also interested in how the company’s ties with Vladimir Putin have evolved in recent years, sources say. At the same time, the process is still at a very early stage, and no final decisions have been made.
If approved, the deal would elevate Gunvor into the top tier of oil producers and nearly quadruple its refining capacity. It could also send an important signal to the energy market about the potential for foreign companies to invest in Russian assets even under sanctions.
Notably, Gunvor’s purchase of Lukoil’s international assets carries an ironic twist, as the US previously accused Gunvor of being partly owned by Vladimir Putin. This deal raises questions about Russia’s influence on the company and its relationship with Putin.
Sanctions on Russian oil companies
On October 23, US President Donald Trump announced a new package of strict sanctions targeting Russia’s energy sector. The restrictions included oil giants Lukoil and Rosneft, along with their subsidiaries.
Following this, maritime shipments of Russian crude oil sharply declined, reaching their lowest level since January 2024 due to US sanctions on Lukoil and Rosneft.
As a result, on October 27, Russian oil company Lukoil announced its intention to divest its international assets.
