Swedish energy trader Gunvor has withdrawn its bid for Lukoil’s international assets following strong criticism from the U.S. Treasury Department. The decision marks a sharp turn in a deal that had prompted intense scrutiny, as new U.S. sanctions reshaped the landscape for Russian oil transactions. EFN reported extensively on the development and the wider implications for sanctions policy.
“The transaction would be a test of how seriously the sanctions from the American side are meant to be taken,” says Torbjörn Becker, the Director of SITE.
Torbjörn Becker also emphasized Gunvor’s long-standing role in Russian oil trading.
“We know that Gunvor was an important part of the Russian oil trade even before the war and now it continues that way. You use the contacts you have,” Becker told EFN.
The EFN coverage also highlighted the escalation following the U.S. Treasury’s post, calling Gunvor a “Kremlin puppet,” a statement that prompted Gunvor to withdraw its offer despite rejecting the accusation as “fundamentally incorrect and untrue.” The exchange underscored how political messaging and regulatory risk are shaping today’s energy markets, especially as the U.S. intensifies sanctions enforcement.
To read the full article featuring Torbjörn Becker’s expert analysis, visit EFN’s coverage here.
Further Reading
Energy exports play a crucial role in Russia’s economy and have long served as a source of geopolitical leverage over dependent countries. Sanctions targeting the energy sector aim to reduce state revenues and diminish Russia’s geopolitical influence. Explore the latest research on sanctions against Russia and its energy industry in the Sanctions Portal Evidence Base section.
Explore the main sanction packages imposed by Western allies after Russia’s full-scale invasion of Ukraine. Review Russian countermeasures, including retaliatory actions and domestic policies to reduce the sanctions’ impact. Visit the Timeline of Western Sanctions and Russian Countermeasures to learn more.
For more expert analysis from SITE, visit SITE’s website.
