Lukoil divests overseas holdings to oil trading firm Gunvor after the enactment of American penalties.
Following one week from the implementation of American sanctions against Lukoil, the corporation revealed the disposal of its international holdings to the petroleum trading enterprise, Gunvor.
The official statement indicated that the transaction is connected to “the enforcement of limiting regulations by specific nations.”
Gunvor was established by Swedish businessman Torbjörn Törnqvist and Russian entrepreneur Gennady Timchenko, an associate of Putin.
In 2014, Timchenko transferred his ownership in the organization to Törnqvist in order to circumvent repercussions.
