site.btaGunvor Withdraws Bid to Buy Russian Lukoil Assets after US Calls It Russia's Puppet

Swiss commodity trader Gunvor has withdrawn its proposal to buy foreign assets of Russian energy company Lukoil after the US Treasury Department called Gunvor Russia's puppet and signalled that Washington opposes the deal, Reuters reported on Friday.

The news agency stated that the move scuttles what would have been Gunvor's largest acquisition and underscores Washington's attempt to use sanctions to isolate Russia and choke its revenues to assist Ukraine in the war.

The US Treasury said in a post on X on Thursday: "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."

Gunvor Corporate Affairs Director Seth Pietras said in response that the Treasury's statement was fundamentally misinformed and false. He added that the company would welcome an opportunity to clear this misunderstanding.