The Kommersant daily had earlier reported with reference to unnamed sources about the possible sale. Gunvor was reported to have been offered for sale in May.
According to one of the sources, sales were negotiated with several potential buyers, with oil companies among them. Other sources mentioned unofficial discussion of a deal with the Rosneft oil giant.
The major shareholder Tornqvist was planning to retain the shares acquired from Timchenko, Pietras said in March. Timchenko had no buy-back option, and Gunvor continued business as usual but could not cooperate with the sanctioned companies, Pietras added, as Gunvor stuck to all international economic sanctions.
Gunvor, set up in 1997, is a major commodity trading company by sales registered in Cyprus and operating through the offices in Geneva, Nassau (the Bahamas), Singapore and Dubai.