His company specializes in the trade of oil and petroleum products and owns assets in Russia, Turkey, Panama, Belgium, and Germany.
The oil trader Gunvor, controlled by close friend of Russian President Vladimir Putin, Gennady Timchenko, has offered to buy the foreign assets of Lukoil that have come under Western sanctions.
Lukoil has committed not to negotiate with other buyers and confirmed the sale of assets to Gunvor. This concerns 100% of the shares of Lukoil International GmbH, registered in Austria.
Earlier, the U.S. imposed sanctions against Lukoil and Rosneft due to the ongoing Russian aggression against Ukraine. The sanctions also affected the subsidiaries of the companies, including distribution networks, production, and logistics divisions.
Gunvor, founded in 1997 by Timchenko and trader Torbjørn Tornqvist, specializes in the trade of oil and petroleum products and owns assets in Russia, Turkey, Panama, Belgium, and Germany. Until 2014, Timchenko officially owned 44% of the company's shares, but after the annexation of Crimea, he sold his stake to a partner, formally exiting the business, but as investigators believe, retained control, as noted by the television channel Current Time.
It is the structures associated with Timchenko that, after the imposition of sanctions, are engaged in finding traders for the export of Russian oil, including that of Rosneft. According to investigations, companies controlled by Timchenko service a significant portion of the Russian shadow fleet of tankers.
In addition to his Russian citizenship, Timchenko also holds Finnish citizenship. The U.S. Treasury previously claimed that Vladimir Putin has a stake in Gunvor's business.
According to Forbes, Timchenko ranks sixth among the richest Russians, owning stakes in Novatek, Stroytransgaz, Transoil, and Sibur.
One of the richest people in Russia, Gennady Timchenko, with a net worth of $11.4 billion, ranked 5th among Russian billionaires in the latest Forbes ranking. Timchenko is also known as a close friend of the Russian president and has a particular affinity for judo and hockey: the sports that Vladimir Putin actively engages in. At the request of the Russian president, Gennady Timchenko, in collaboration with billionaire brothers Rotenberg, founded the judo club "Yavara-Neva" in 1998, of which Vladimir Putin is the honorary president. Timchenko is a member of the VIP hockey club and periodically participates in ice games with Putin, Shoigu, Potanin, and the Rotenberg brothers. Gennady Timchenko was born on November 9, 1952, in Leninakan (now Gyumri).
