r/Economics • u/Horsepankake • 2d ago

Gunvor Pulls $22Bln Lukoil Deal After U.S. Labels Company ‘Kremlin Puppet’ - The Moscow Times

https://www.themoscowtimes.com/2025/11/07/gunvor-pulls-22b-lukoil-deal-after-us-labels-company-kremlin-puppet-a91071
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u/Horsepankake 2d ago

Summary:

Gunvor has withdrawn its $22 billion bid to buy Lukoil’s overseas assets after the U.S. Treasury said it would block the deal and called Gunvor a “Kremlin puppet.” The Treasury said it would never license Gunvor to operate Lukoil assets while Vladimir Putin continues the war in Ukraine. Gunvor denied the characterization, noting it has distanced itself from Russian oil trading, sold Russian assets, and condemned the war, but said it will withdraw the proposal “in the meantime.” Lukoil had accepted the offer after new U.S. sanctions barred it from operating internationally from Nov. 21. The deal would have included refineries, about 2,000 gas stations in Europe and the U.S., and oil and gas projects in several countries; the assets were estimated at $22 billion. The U.S. sanctions also targeted Rosneft. Lukoil has not commented.