The sharp criticisms follow Lukoil’s announcement that it accepted an offer from a multinational trading house to acquire its international operations after Trump imposed sanctions on the energy giant. Lukoil stated that the U.S. Treasury’s approval is required before the company is officially blacklisted on November 21.
In Europe, Lukoil’s assets entail two refineries in Bulgaria and Romania, a 45 percent interest in a Dutch fuel processing facility, and roughly 2,000 gas stations.
Gunvor was established in 2000 by Swedish billionaire Torbjörn Törnqvist and Gennady Timchenko, a close ally of Putin, and was once the largest exporter of Russian oil worldwide.
In 2014, just days before the U.S. sanctioned Gunvor’s former co-owner after Russia’s Crimea annexation, Timchenko sold his 43.6 percent share in the trading entity.
Since that time, the trading house has moved away from Russia.
“Gunvor has always been open and transparent regarding its ownership and operations, actively distancing itself from Russian trading for over a decade, divesting Russian assets, and publicly denouncing the Ukraine war,” stated Pietras.
“We are eager to ensure this misunderstanding is corrected.”
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