Published by Global Banking & Finance Review®
Posted on November 4, 2025
1 min readLast updated: January 21, 2026
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Gunvor's CEO confirms no plans to resell Lukoil assets, ensuring a clean break from Russian control amid US sanctions.
(Reuters) -Commodities trader Gunvor Group is prepared to satisfy any concerns about continued Russian influence over assets it is buying from Russia's Lukoil, CEO Torbjorn Tornqvist has told Bloomberg News.
Last week, Lukoil said it had accepted an offer from Gunvor to buy its foreign assets, which it is selling after U.S. sanctions were imposed on Russia's second-largest oil company.
Swiss-headquartered Gunvor, which has longstanding ties to Russia's energy industry, has begun talks with regulators over the planned purchase, Bloomberg News reported on Tuesday.
Tornqvist ruled out a scenario where any of the assets would be sold back should sanctions on Lukoil be removed.
He said the deal would mark a "clean break" from Russian control, but added that some of the assets could be sold on.
U.S. sanctions imposed last month on Russia's largest oil companies, Rosneft and Lukoil, marked Washington's toughest measures against Russian business since the start of the war in Ukraine in 2022.
(Reporting by Anushree Mukherjee in Bengaluru; editing by Jason Neely)
Lukoil is one of Russia's largest oil companies, involved in the extraction, production, and sale of oil and gas products. It has significant operations both domestically and internationally.
A commodities trader is a professional who buys and sells raw materials or primary products, such as oil, metals, and agricultural goods, often on behalf of companies or investment firms.
Corporate strategy is a comprehensive plan that outlines how a company will achieve its goals and objectives, including decisions on resource allocation, market positioning, and overall direction.
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