Washington's Grip Crushes Lukoil Asset Grab

**US Pressure Sinks Gunvor's Bid for Lukoil Assets Amid Kremlin Ties Accusations**

Washington's Grip Crushes Lukoil Asset Grab

Geneva-based energy trader Gunvor Group has abandoned its plans to acquire foreign assets from Russian oil giant Lukoil after facing intense pressure from the US Treasury, which accused the company of being linked to the Kremlin. The proposed deal, unveiled just last week, immediately drew scrutiny following President Trump's imposition of fresh sanctions on Lukoil and Rosneft, measures designed to intensify pressure on Moscow to resolve the ongoing conflict in Ukraine.

Gunvor's withdrawal, announced on Friday, came

Gunvor's withdrawal, announced on Friday, came a day after the US Treasury declared that the company "will never get a license to operate and profit" while the Ukraine conflict persists. This statement triggered a strong response from Gunvor, which vehemently denied any current operational ties to Russia. In a statement, the company asserted that it 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 collapsed deal highlights the complexities and far-reaching consequences of US sanctions policy. Gunvor, co-founded in 2000 by Torbjorn Tornqvist and Russian entrepreneur Gennady Timchenko, has been working to shed its Russian image for years. Timchenko sold his stake in the company back in 2014 after being personally targeted by US sanctions.

According to reports, Gunvor had engaged in discussions with the US Office of Foreign Assets Control (OFAC) and other agencies to advocate for its buyout proposal. CEO Tornqvist had publicly stated that the acquisition would ensure a "clean break" for Lukoil's foreign operations. The company had reportedly secured approximately $2.8 billion in credit to finance the purchase before ultimately calling it off.

Kremlin spokesman Dmitry Peskov commented on

Kremlin spokesman Dmitry Peskov commented on the situation, emphasizing that commercial transactions between private companies are not directly related to the Russian government. However, he also criticized the "illegal trade restrictions" imposed by the US, arguing that they are "unacceptable and hurt international trade."

The failed acquisition underscores the significant challenges faced by companies seeking to navigate the intricate web of international sanctions and political tensions. While Gunvor insists on its independence from Russia, the US Treasury's skepticism proved insurmountable, effectively blocking the deal and raising questions about the future of Lukoil's foreign assets. The situation highlights the continuing impact of the Ukraine conflict on global business and the unwavering stance of the US in its efforts to exert pressure on Russia.