By John Lee.
Swiss-based Gunvor Group has withdrawn its proposal to acquire Lukoil's international assets following opposition from the US Treasury Department.
The Treasury stated that Gunvor would not receive a licence to operate as long as Russia continues its military actions in Ukraine, describing the company as "the Kremlin's puppet."
Gunvor rejected the claims, saying the Treasury's statement was "fundamentally misinformed and false."
The company said it has distanced itself from Russia for more than a decade, ceased trading in line with sanctions, sold off Russian assets, and publicly condemned the war in Ukraine.
Russia's Lukoil had announced plans to sell its international assets to Gunvor before the deal was abandoned.
Lukoil has significant interests in Iraq's West Qurna 2 (pictured) and Block 10.
US Treasury Department statement on X:
"President Trump has been clear that the war must end immediately. As long as Putin continues the senseless killings, the Kremlin's puppet, Gunvor, will never get a license to operate and profit."
Gunvor Group statement on X:
"The Treasury Department statement about Gunvor is fundamentally misinformed and false. Gunvor is and has always been open and transparent about its ownership and business, and has for more than a decade actively distanced itself from Russia, stopped trading in line with sanctions, sold off Russian assets, and publicly condemned the war in Ukraine. We welcome the opportunity to ensure this clear misunderstanding is corrected. In the meantime, Gunvor withdraws its proposal for Lukoil's international assets."
See also:
Ahmed Mousa Jiyad: Oil Ministry should Brace for Russia's Coerced Exodus
(Sources: US Treasury Dept / Gunvor Group)
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