Gunvor Withdraws Bid for Lukoil's Assets Amid U.S. Sanctions Controversy

In a significant development within the international commodities market, Gunvor, a major trading firm based in Switzerland, has rescinded its intentions to purchase Lukoil's international assets. This abrupt decision stems from U.S. accusations that allegedly portray the company as 'the Kremlin's puppet.'

The transaction was announced by Lukoil just last week, pending several stipulations, including the approval of the U.S. Treasury Department's Office of Foreign Assets Control. The backdrop of these developments includes the Russian military invasion of Ukraine and efforts by global powers, spearheaded by former U.S. President Donald Trump, to halt the conflict.

Gunvor, co-founded by Torbjörn Törnqvist and removed from any Russian affiliations since selling oligarch Gennady Timchenko's shares in 2014, rejected Treasury's claims. The company stated its clarity and alignment with international sanctions while reaffirming its denouncement of the warfare in Ukraine. Lukoil's international asset sales are part of a strategic maneuver in response to escalating sanctions against Russia.