Overview
- Gunvor said it has withdrawn its offer to buy LUKOIL International GmbH, the vehicle holding LUKOIL’s foreign assets.
- The U.S. Treasury announced on X that Gunvor will not be granted a license while the war in Ukraine continues.
- The Treasury message, attributed to President Donald Trump, declared Gunvor would never receive approval to operate or profit under current conditions.
- Gunvor called the Treasury’s statement fundamentally incorrect and false but nonetheless pulled its proposal.
- LUKOIL remains under U.S. sanctions, and the licensing refusal presents a significant obstacle to any attempted transfer of its overseas assets.