Moscow-headquartered energy giant PJSC Lukoil has said yes to a bid from Switzerland’s Gunvor Group for its international portfolio of assets in the wake of growing global sanctions, which keep tightening their hold on Russian businesses overseas and those with ties to them.

Just days after Lukoil disclosed its intention to sell its international assets as a result of the introduction of restrictive measures against the company and its subsidiaries by some states due to Western sanctions, kicking off the consideration of bids from potential buyers, the firm confirmed the receipt of an offer from Gunvor Group.