Overview
- The Treasury Department posted on X that Gunvor would never receive a license to operate or profit, calling the trader a Kremlin puppet.
- Gunvor disputed the label as misinformed and said it was pulling its proposal, stressing it has distanced itself from Russian trading since co‑founder Gennady Timchenko exited in 2014.
- Lukoil had accepted Gunvor’s offer for its international business, with completion dependent on U.S. approval before a planned Nov. 21 blacklisting.
- The assets at issue include refineries in Bulgaria and Romania, a significant stake in a Dutch fuel processing facility, and roughly 2,000 petrol stations across Europe.
- OilPrice reported the bid at about $22 billion, and Gunvor’s CEO previously warned that failure to secure timely approvals could disrupt fuel supplies in parts of Central and Eastern Europe.