Russian Lukoil skirts Ukrainian asset seizures by declaring bankruptcy on local operations
The Commercial Court of Kyiv declared on Tuesday the company Lukoil Lubricants Ukraine bankrupt. This was the general importer of TM Lukoil lubricants in Ukraine, reported the website of the Supreme Court.
According to Contr Agent, at the peak of its activity – in 2018 – the income of this company exceeded UAH 2 billion ($55 million), and the net profit was UAH 130-140 million ($3.6-3.9 million). Then a sharp decline began, and already in 2022 the net income decreased to UAH 57 million ($1.6 million), and the loss exceeded UAH 115 million ($3.2 million).
In August 2023, the Commercial Court of Kyiv approved claims to Lukoil Lubricants Ukraine for the total amount of UAH 1.6 million ($44,155) from two creditors: Diad-Logistic LLC and Amic Ukraine FDI.
The owner of Lukoil Lubricants Ukraine is the Austrian LUKOIL International GmbH (100%), which is controlled by the Russian billionaire Vagit Alekperov – No. 6 on the Russian Forbes list with a fortune of $20.5 billion.
In 2022, Ukraine seized two large assets to which Lukoil was previously related – the Kaluga plant Karpatnaftokhim and the network of gas stations AMIC.
Both enterprises were sold by Lukoil after Russia launched a war against Ukraine in 2014, occupying Crimea and parts of the Donetsk and Luhansk oblasts.
