Swiss commodities trader Gunvor said on Thursday it had withdrawn its proposal to buy the overseas assets of Russian energy company Lukoil after the U.S. Treasury Department indicated it opposed the deal as long as Russia’s war in Ukraine continued.
The U.S. Treasury Department said in a post on its X website that President Donald Trump “has been clear that the war must end immediately and that as long as (Russian President Vladimir) Putin continues his senseless killing spree, the Kremlin puppet, Gunvor, will never be licensed to operate and profit.”
Gunvor’s corporate director, Seth Petras, said in an email that the Treasury Department’s statement was “fundamentally false and based on misinformation” and welcomed “the opportunity to ensure this clear misunderstanding is corrected,” according to Reuters.
Petras added, “In the meantime, Gunvor is withdrawing its proposal regarding Lukoil’s international assets.”
The U.S. Treasury Department imposed sanctions on Lukoil last month in an effort to cut off revenue that Russia uses to fund the war. About a week later, Lukoil said it had accepted an offer from Gunvor to buy its overseas assets, which Russia's second-largest oil company is seeking to sell due to sanctions.
Swiss company Gunvor withdraws its bid to buy assets from Russia's Lukoil.
