Lukoil to sell its international assets to a Swiss company

This was reported by Politico, according to European Pravda.

Lukoil announced earlier this week that it would cease its international operations after being sanctioned by US President Donald Trump.

In a statement published on Thursday, 30 October, the company noted that the sale of its portfolio to Swiss energy trading company Gunvor ‘is related to restrictive measures imposed by certain states against the company and its subsidiaries.’

Geneva-based Gunvor was founded by russian billionaire Gennady Timchenko, a close associate of Kremlin leader Vladimir Putin.

Timchenko sold his stake in the company in 2014 when sanctions were imposed on him due to russia's invasion of Crimea.

Source: European Pravda, Politico