Leonid Fedun, co-founder of Russia's Lukoil, sold his stake in the company worth about $7 billion, citing three sources and relevant data, Reuters reports, writes UNN.
Details
After months of avoiding Western sanctions imposed in connection with Russia's invasion of Ukraine, Lukoil was severely hit in October and is now selling foreign assets.
Analysts have long viewed the company as a potential acquisition target for state-owned Rosneft, which is also currently under Western sanctions.
"Fedun, a native of Ukraine and resident of Monaco, sold his stake (about 10%) back to Lukoil in early 2025," two sources close to the deal said. This is a rare example of a Russian billionaire quietly divesting his assets in the country, the publication writes.
In August, Lukoil announced that it would redeem 76 million shares, or about 11% of its capital, repurchased from the market in 2024-2025.
According to Reuters calculations based on market prices, "Fedun's stake was valued at approximately $7 billion, although it is unclear if that was the price he received."
Addition
As the publication writes, 69-year-old Fedun became one of Russia's richest people during the chaotic privatization of the 1990s under the late President Boris Yeltsin after the collapse of the Soviet Union. Following the example of other Russian oligarchs, Fedun became one of the largest investors in the Russian Premier League football club Spartak.
Fedun resigned as vice president of the company in June 2022 and sold his stake in Spartak in August 2022. At the time, Lukoil said Fedun was leaving due to retirement age and family circumstances. According to one source, Fedun, living in Monaco, decided to reduce his assets in Russia.