Gunvor Withdraws Bid for Lukoil Assets After US Treasury Pushback

Swiss commodity trader Gunvor announced on November 6, that it has withdrawn its offer to acquire the foreign assets of Russian energy giant Lukoil, following opposition from the US Treasury. The agency described Gunvor as a «puppet» of Russia and signalled Washington would not approve the transaction.

The withdrawal cancels what would have been Gunvor’s largest-ever acquisition and highlights the US government’s use of sanctions to restrict Russian revenues, which support the war in Ukraine.

The Treasury posted on X that President Donald Trump «has been clear that the war must end immediately. As long as Russian President Vladimir Putin continues the senseless killings, the Kremlin’s puppet, Gunvor, will never get a license to operate and profit.»

Seth Pietras, Gunvor’s corporate affairs director, said the Treasury’s statement was «fundamentally misinformed and false» and welcomed the chance to correct the misunderstanding.

He added: «In the meantime, Gunvor withdraws its proposal for Lukoil’s international assets.»

Last month, the Treasury imposed sanctions on Lukoil to limit Russia’s revenue from oil sales. Following this, Lukoil had accepted Gunvor’s offer to buy its international holdings, which include European refineries, shares in oilfields across Kazakhstan, Uzbekistan, Iraq and Mexico, and hundreds of retail fuel stations globally.

Approval from the Treasury was critical, as it can issue licences or waivers to allow transactions despite sanctions. Even before the withdrawal, experts noted that completing the acquisition would have been challenging for Gunvor due to the scale of the assets and its limited borrowing capacity.