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 overseas assets after the U.S. Treasury Department warned it would block the deal due to ties to Russian leadership.
- On November 7, 2025, Gunvor Group withdrew its $22 billion offer for Lukoil's international assets after the U.S. Treasury Department called it a `Kremlin puppet` and said it would block the deal.
- Last week, the U.S. Treasury under President Donald Trump said it would not approve Gunvor's acquisition due to co-founder Gennady Timchenko's Russia links and sanctions.
- The deal would have covered refineries in Romania and Bulgaria, petrol networks in the US and Europe, and oil and gasfields across the Middle East, Central Asia and Africa, including Finnish oil company Teboil.
- Torbjörn Törnqvist warned regulators must approve permits quickly or Central and Eastern Europe could face fuel-supply disruption when U.S. sanctions take effect on November 21, and Gunvor had cautioned last week about job losses and refinery disruptions in Europe.
- Bloomberg reported earlier this week that U.S. authorities reviewing Gunvor launched a background check, while the U.S. Treasury Department escalated efforts to limit Kremlin-controlled Rosneft's oil exports.
71 Articles
71 Articles
Because of opposition from the United States, the Swiss energy trader Gunvor does not take over the foreign business of the sanctioned Russian oil company Lukoil. About the international Lukoil holding based in Vienna a large part of the foreign business has so far run. President Donald Trump made clear that the war in Ukraine must end immediately, the US Treasury wrote on social network X. "As long as Putin (Kremlchef Vladimir) continues with t…
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.
The Viennese subsidiary of the second largest Russian oil company, Lukoil, should have been sold as a result of sanctions to the Swiss raw material dealer Gunvor. The USA now crossed the border.
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.
Coverage Details
Bias Distribution
- 59% of the sources lean Left
Factuality
To view factuality data please Upgrade to Premium
