MOSCOW, (Reuters) – Glencore (OTC) a Swiss commodities group, could be selling its shares in Russian oil company Russneft its founder Mikhail Gutseriyev. This was reported by the Kommersant daily on Wednesday, citing anonymous sources.

Glencore’s sale was years in the making and is expected to close in 2022’s first half pending regulatory approvals. It caps two decades worth of investments that saw the company trade millions of barrels Russneft oil while witnessing some of Russia’s most important corporate and political battles.

Glencore refused to disclose the identity of the buyer nor the amount of the transaction. Kommersant, however, cited sources saying Gutseriyev was the expected beneficiary. Kommersant reported that the stake had a value close to 11 billion roubles (approximately $1146 million).

Gutseriyev’s Safmar business already holds 11.11% Russneft ordinary shares and a 8.33% stake at its authorized capital. He was sanctioned last year by the European Union for his close connections with President Alexander Lukashenko of Belarus.

Russneft was unable to export its oil, and Glencore had to stop buying for several months because of sanctions.

($1 = 75.1973 roubles)