Lukoil's operations impacted by Trump sanctions as Gunvor withdraws its bid

Written by Emily J. Thompson, Senior Investment Analyst

Source: Reuters

Updated: Nov 07 2025

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Source: Reuters

Lukoil's Operational Challenges: Lukoil faces significant disruptions in its international operations due to impending U.S. sanctions and the collapse of a sale to Swiss trader Gunvor, which the U.S. Treasury labeled as a Kremlin "puppet."
Market Reactions and Predictions: Analysts predict that Lukoil will have to sell its assets at steep discounts by the November 21 deadline, with potential buyers likely demanding larger discounts than previously anticipated.
Impact on Moldova and Bulgaria: Moldova's energy minister announced that Lukoil must cease operations in the country by the deadline, while Bulgaria is moving to take control of Lukoil's Burgas refinery, potentially allowing a sale without Lukoil's consent.
Kremlin's Stance: The Kremlin emphasized the need to respect Lukoil's international interests, criticizing the U.S. sanctions as illegal and asserting that the company's legitimate interests should be protected.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.