Swiss-based commodity trading giant Gunvor has decided to bail from the intended buy of all international assets from Russia’s Lukoil after receiving blowback from Washington. Lukoil announced in late October that it received an offer from Gunvor to purchase Lukoil International. The company revealed that the key terms of the transaction had been previously agreed upon by the parties.​ The offer was accepted, and no other buyers were taken into consideration. This came after the Russian firm revealed its plans to sell its international assets owned by Lukoil International GmbH due to “restrictive measures against the company and its subsidiaries by some states”. This referred to US president Donald Trump imposing what he described as “tremendous sanctions” on Russia’s two biggest oil producers, Rosneft and Lukoil, aimed at forcing Moscow to the negotiating table over its war in Ukraine. However, Gunvor opted to abruptly pull out of the deal after the US Treasury called it Russia’s “puppet” and stated that Washington was against the acquisition. The Treasury said on X that Trump “has been clear that the war must end immediately. As long as Putin continues the senseless killings, the Kremlin’s puppet, Gunvor, will never get a license to operate and profit.” Gunvor’s corporate affairs director, Seth Pietras, said that the company would ensure this “misunderstanding” would be corrected and that the statements from the Treasury were “misinformed and false”. Until all issues have been resolved, the company has pulled its proposal to acquire Lukoil International. President Trump has been clear that the war must end immediately. As long as Putin continues the senseless killings, the Kremlin’s puppet, Gunvor, will never get a license to operate and profit.— Treasury Department (@USTreasury) November 6, 2025 googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsRussia Switzerland United States