The real beneficiaries of Gunvor cannot be ascertained. It was said that its two co-founders held an equal number of shares, with the balance being held in an employee benefit trust for senior management.[22] On 19 March 2014 Tornqvist bought out Timchenko's 43.5% stake and became a nominal owner of 87% stake in the company.[7] The sale was made when Timchenko was included on the United States' Sanctions list in the wake of the annexation of Crimea by Russia due to his close ties with Russian President Vladimir Putin.[8] Timchenko explained the sale by "anticipating potential economic sanctions" and to "ensure with certainty the continued and uninterrupted operations of Gunvor Group".[8] The value of this transaction was not disclosed.