US EditionTrading firm Gunvor, accused by US of being ‘Kremlin’s puppet,’ drops plan to buy Lukoil assets
Gunvor withdrew its $22 billion bid for Lukoil's international assets after the U.S. Treasury Department warned it would block the deal due to ties with Russian leadership.
- The US Treasury Department accused trading firm Gunvor of being a 'Kremlin's puppet' and signaled it was not happy with Gunvor's $22 billion bid to buy Lukoil's international assets.
- Gunvor was co-founded by its current CEO Torbjorn Tornqvist and Russian businessman Gennady Timchenko, who sold his stake in 2014 due to Western sanctions.
- Lukoil had said it was selling international assets in response to US sanctions aimed at pushing Russia to agree to a ceasefire in its war against Ukraine.
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56 Articles
Donald Trump has imposed sanctions on the Russian oil companies Lukoil and Rosneft. Swiss company Gunvor wanted to take over Lukoil's international business.
Gunvor wanted to buy the foreign business of the Russian oil company Lukoil. After US intervention the deal bursts.
Gunvor, a trading group, has backed out of a bid to buy foreign assets of Russian oil giant Lukoil, which it had been considering selling after the US imposed sanctions on it. The group called off the deal worth more than $22 billion (nearly half a trillion crowns) after the US Treasury Department labeled it a “puppet of the Kremlin.” Gunvor is founded by Russian oligarch Gennady Timchenko, who is close to Russian President Vladimir Putin.
It was a rather scathing post on X, from the US Treasury Department on Thursday. “As long as Putin continues the senseless killing, the…
Associated Press News
Trading firm Gunvor, accused by US of being 'Kremlin's puppet,’ drops plan to buy Lukoil assets
Gunvor, a major international commodities trader, has rejected U.S. government claims that it acts as "the Kremlin's puppet."
US authorities announced that they would not allow Gunvor to buy Lukoil's assets abroad, only for the company to then abandon the deal.
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