Lukoil co-founder Leonid Fedun has sold his stake in the company, valued at about $7 billion, AFP reported, News.bg reports.
The sale comes after Western sanctions imposed on the company over Russia's military aggression in Ukraine forced Lukoil to seek a buyer for its foreign assets.
According to sources, Fedun sold his stake back to Lukoil in a deal concluded in early 2025. This is a rare case of a Russian billionaire discreetly getting rid of assets in his homeland. Amid economic sanctions, analysts pointed out „Lukoil“ as a potential acquisition target by „Rosneft“.
Leonid Fedun built his career in the 1990s during the privatization in Russia. Together with Vagit Alekperov, he played a key role in the acquisition of significant oil fields in Western Siberia, turning „Lukoil“ into one of the leading private enterprises in the country.
Following Russia's aggression against Ukraine, Fedun gradually withdrew from public life. The culmination of this process was his decision to devote himself to personal and family matters in Monaco, where he lives. He left the position of vice president of the company in June 2022 and sold his stake in „Spartak“ in August 2022, with the company citing his retirement age and family reasons as reasons.
As a resident of Monaco, Fedun decided to reduce his Russian assets, according to a source of „Reuters“. The former military school teacher is also released from some of the international commitments related to the company.
On October 22, the US Treasury Department imposed sanctions on „Lukoil“ and „Rosneft“. As a result, the company is in talks with several potential buyers to sell its international assets. On November 7, Gunvor withdrew its offer to acquire Lukoil International GmbH after a statement from the US department.
Meanwhile, the US ExxonMobil and Chevron, the state-owned company ADNOC from Abu Dhabi, as well as the private investment fund Carlyle Group have already shown interest in „Lukoil“s foreign assets.