Russian energy giant Lukoil has announced that it will sell its foreign assets in response to new US sanctions. The company will transfer its international business to Swiss energy trading firm Gunvor, headquartered in Geneva.
Lukoil said in a statement that the decision was made due to “restrictive measures from several countries.” Russian billionaire Gennady Timchenko, a close confidant of Vladimir Putin, founded Gunvor. Timchenko sold his shares in 2014 after sanctions were imposed over the annexation of Crimea.
Lukoil currently has about 5,000 gas stations worldwide and, together with Rosneft, accounts for about two-thirds of Russia’s oil exports.
