The US authorities have begun an investigation into the oil trader Gunvor, the multinational company set to take over the foreign assets of Lukoil, in order to prevent a situation where sanctions will be effectively bypassed by Russia with the help of a proxy, according to Bloomberg. The US government’s investigation comes in the context where it is well known that Gunvor is de facto owned by a close associate of Vladimir Putin, who sold his stake in 2014 to circumvent the sanctions imposed after the invasion of Crimea by the aggressor state.
According to Bloomberg sources, quoted by Moscow Times, those in the industry were surprised by the speed with which the transaction was announced – just a week after the Americans announced sanctions against Lukoil. In the meantime, several major energy companies had already approached Lukoil and offered to buy its external assets, but were rejected.
According to the agreement with Gunvor, the Russian company will transfer to it its subsidiary Lukoil International, which owns assets in 11 countries – from oil production facilities and refineries to gas station networks and trading divisions. The parties have not disclosed the value of the transaction, but Lukoil International was valued at approximately $21 billion in 2023. This is over three times the equity value of Gunvor. For the transaction to be finalized, the Swiss oil trader needs the approval of the US Treasury, and its representatives are already in discussions, according to Bloomberg.
Gunvor has a reputation for maintaining constructive relations with the United States. More precisely, it has previously complied with requirements aimed at reducing Russia’s oil revenues. However, if the company acquires the external assets of Lukoil, two of the largest transactions in the life of Gunvor’s main owner and co-founder, Torbjorn Tornqvist, will be concluded due to American sanctions.
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