Gunvor Abandons Lukoil Asset Acquisition Amid U.S. Treasury Pressure
Gunvor has pulled its proposal to purchase the foreign assets of Russian energy firm Lukoil after the U.S. Treasury labeled it a Russian 'puppet' and opposed the deal. This development highlights Washington's use of sanctions to isolate Russia, aiming to reduce its war revenues.
Swiss commodity trader Gunvor has retracted its bid to acquire international assets from Russian energy giant Lukoil, following objections from the U.S. Treasury. The Treasury's stance marks a significant diplomatic maneuver to hamper Russia's economic resources fueling its conflict in Ukraine.
On a social media post, the U.S. Treasury called President Donald Trump clear in his demand to cease hostilities, referring to Gunvor as the Kremlin's puppet. Gunvor's corporate affairs director, Seth Pietras, criticized the statement as inaccurate but expressed readiness to address misunderstandings.
The withdrawal came after U.S. sanctions on Lukoil—targeting its revenue channels. Despite Lukoil's initial acceptance of Gunvor's offer, insiders noted financing such a major acquisition would challenge Gunvor's financial reach.
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