Lukoil co-founder Fedun sells his stake back to company

Leonid Fedun, a co-founder of Lukoil has sold his roughly $7 billion stake in the Russian company, three sources said and data showed, completing a 30-year ride that made Lukoil a global force but lately saw it shrinking fast under sanctions, Report informs via Reuters.

After months of averting Western sanctions over Russia's invasion of Ukraine, Lukoil was hit hard in October and is now selling foreign assets.

The company has long been tipped by analysts as a potential acquisition target for state-controlled peer Rosneft, now also under Western sanctions.

Ukrainian-born and Monaco-based Fedun sold his roughly 10% stake back to Lukoil in early 2025, two sources close to the deal said, in a rare example of a Russian billionaire quietly unwinding his holdings in the country.

In August, Lukoil said it would cancel 76 million shares - or about 11% of its capital - that it bought back from the market in 2024-2025.

Fedun's stake was worth around $7 billion, according to Reuters calculations based on market prices, although it is unclear whether that is the price he received.