Overview
- The U.S. Treasury said on X it would never license Gunvor to operate and profit while the war in Ukraine continues, calling the trader the Kremlin’s puppet.
- Gunvor withdrew its proposal and rejected the accusation as fundamentally misinformed, saying it has long distanced itself from Russia and sold its Russian assets.
- The proposed sale required OFAC approval, which now appears off the table after Washington’s stance, leaving the portfolio’s future uncertain ahead of a Nov. 21 wind‑down cutoff.
- Lukoil’s foreign holdings include refineries in Bulgaria and Romania, a 45% stake in a Dutch refinery, and roughly 2,000 petrol stations across Europe, prompting worries over jobs and fuel supply.
- Early fallout is emerging, with Moldova seeking an exemption to avert fuel disruptions, Bulgaria advancing steps to place a special manager at the Burgas refinery, and Finland’s Teboil stations reporting shortages.