Russia's Lukoil to offload international assets to Swiss firm amid U.S. sanctions

Politico reported the information.

Lukoil announced earlier this week that it would cease its international operations after sanctions were imposed on it by U.S. President Donald Trump.

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

The Geneva-based company Gunvor was founded by Russian billionaire Gennady Timchenko, a close associate of the head of the Kremlin, Vladimir Putin.

As noted, Timchenko sold his stake in the company in 2014 when sanctions were imposed on him over Russia's invasion of Crimea.

• The U.S. has assured that the president will monitor compliance with the sanctions he imposed against Russia to force the Kremlin leader to the negotiating table and conclude a peace agreement with Ukraine.