(MENAFN) Western Europe could experience disruptions in fuel supplies and potential job losses if the proposed $22 billion acquisition of Russian oil giant Lukoil’s international assets fails to proceed, according to Swiss trader Gunvor, the intended buyer.

Lukoil is selling its overseas holdings following sanctions imposed by the US on both the company and Russian energy major, Rosneft.

Gunvor is currently in discussions with US regulators to prolong its license for conducting transactions with Lukoil, which is scheduled to expire on November 21.

Speaking to a media outlet on Tuesday, Gunvor’s CEO, Torbjorn Tornqvist, emphasized the urgent need for approvals to complete the deal and avoid market instability.

“The magnitude of this deal needs regulatory work. It cannot be completed in two weeks,” he noted, adding that Lukoil’s international operations are currently “paralyzed.”

Tornqvist also cautioned that “a lot of jobs are at stake and the refining capacity could be very disrupted.”

The assets under discussion include refineries in Romania and Bulgaria, with the Burgas facility in Bulgaria supplying more than two-thirds of the country’s fuel.

Europe has endured steep energy price surges since reducing imports of Russian fuel following the escalation of the Ukraine conflict in 2022.

The pivot away from a longtime supplier has driven up industrial costs and sparked debates over the European Union’s energy independence.

Moscow has accused Western governments of politicizing energy markets, pushing Europe toward expensive and less reliable alternatives.

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