Treasury calls Swiss trader ‘Kremlin’s puppet’ and says it would block its licence to operate. Swiss commodity trader Gunvor said on Thursday that it was scrapping its $22 billion bid to buy Lukoil’s overseas assets after the US moved to block the deal. The Treasury said in a post on X on Thursday that it would not grant a licence for Gunvor to operate Lukoil’s assets “as long as Putin continues the senseless killings” in Ukraine. It described Gunvor, which was founded by a close ally of Russian President Vladimir Putin but has sought to distance itself from the country, as the “Kremlin’s puppet”. Gunvor said shortly after the post that it was withdrawing its plan to buy Lukoil’s international assets. The company previously warned of job losses in Europe if the deal did not go ahead. Lukoil sought buyers for its international businesses, which include assets in the US, after the Trump administration imposed sweeping sanctions on the Russian oil major last month. The measures, which ...
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Gunvor drops $22 billion bid for Lukoil assets after US moves to block deal
Published on November 7, 2025
Permanent link to this article: https://snbchf.com/2025/11/gunvor-drops-22-billion-lukoil-assets-after-moves-block-deal/
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