Global energy trader Gunvor Group has rejected claims by the US Treasury that it is linked to the Russian government, calling the accusation “fundamentally misinformed and false.” The firm withdrew its proposal to acquire foreign assets from Russian oil giant Lukoil after Washington imposed sanctions on the company.
The potential deal, announced last week, came amid heightened tensions following US President Donald Trump’s imposition of new penalties on Lukoil and another Russian oil firm, Rosneft. Trump framed the measures as part of efforts to pressure Moscow over the Ukraine conflict.
Gunvor’s decision to abandon the acquisition was made after the US Treasury stated the company “will never get a license to operate and profit” while the conflict persists. The firm countered that it has maintained no operational ties to Russia for years, citing a decade-long effort to distance itself from the country, including selling Russian assets and condemning the war in Ukraine.
Kremlin spokesman Dmitry Peskov stated that private commercial deals are not directly tied to the Russian government but criticized US sanctions as “illegal trade restrictions” harming global commerce.
Gunvor, based in Geneva, had engaged with US authorities to secure approval for the Lukoil acquisition. CEO Torbjorn Tornqvist argued the deal would create a “clean break” for Lukoil’s international operations. The company had raised $2.8 billion in credit before canceling the transaction.
Lukoil, Russia’s second-largest oil producer, operates globally, including in the US.
