“Lukoil announced the sale of its overseas assets worth about 20 billion euros four days after U.S. sanctions were imposed, and another three days later reached an agreement with oil trader Gunvor.”
The deal had to be approved by the Office of Foreign Assets Control (OFAC). However, the U.S. Treasury Department, which oversees the agency, said that “as long as Putin continues these senseless crimes, Gunvor, the Kremlin’s puppet, will never receive a license to operate and profit.”
Following that statement, Gunvor spokesman Seth Pietras told Politico that the company was withdrawing its offer to buy Lukoil’s foreign assets.
“The Treasury Department’s statement is fundamentally misleading and false,” Pietras added.
Gunvor rose to prominence in the 2000s as the world’s largest trader of Russian oil. At the time, its shareholders included Gennady Timchenko, a confidant of President Vladimir Putin, who sold his stake in Gunvor after the U.S. imposed sanctions against him following Russia’s annexation of Crimea in 2014.
OFAC gave Lukoil until November 21, 2025, to complete a transition period, after which sanctions will come into effect against those countries that do not stop cooperating with the Russian giant.
Now the Moldovan government is clearly faced with the question: “What to do?”.
“Lukoil-Moldova controls 20% of gasoline, 50% of diesel and 100% of aviation kerosene supplies for Chisinau International Airport. In 2024, its sales in Moldova amounted to 9.95 billion lei, making it the second largest operator in the oil products market (after Rompetrol). The company also operates three storage bases for oil products, including one gas terminal. The network of Lukoil-Moldova gas stations covers almost all regions of the country.
Earlier, Energy Minister Dorin Junghietu said that “there is no risk that Moldova will remain without oil products”.
However, the government and ANRE will have to do something anyway.
“The Chisinau airport is the gateway of the country. We cannot allow it to remain without fuel. Now we are analyzing all possible options and will soon report on the decisions taken. We need to act strictly within the law and at the same time ensure the fulfillment of all our obligations,” Moldovan Prime Minister Alexandru Munteanu said.
At the same time, according to Dorin Junghietu, nationalization of Lukoil-Moldova’s assets may have serious consequences.
“We must be sure that if the assets are subsequently transferred to a new owner, he will not fall under secondary US sanctions. Nationalization is an extremely sensitive topic: in world practice, such steps have often led to protracted legal disputes and additional expenses. Therefore, it is necessary to carefully calculate all the risks,” Junghietu said.
The minister also said that one of the possible solutions could be Moldova’s appeal to the American side with a request to provide additional time to prepare the market for the departure of a major player.
“A similar request has already been made by Germany in order to finalize the transition procedures. We are also holding consultations with all the relevant agencies in order to settle the situation as correctly as possible,” the minister added.
The crisis has reminded the authorities of the requirements of the International Civil Aviation Organization: fuel supply to airports should not depend on a single supplier.
“This situation has shown that it is necessary to ensure at least two fuel suppliers for the airlines operating flights from Chisinau. Now we are looking for a way to realize this as soon as possible,” Infrastructure Minister Vladimir Bolia said.
For their part, the Bulgarian authorities, for example, are preparing amendments to the legislation that would allow them to seize the oil refinery in Burgas owned by Lukoil and then sell it to a new owner.
