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US Investigates Gunvor Over Lukoil Deal Amid Suspected Hidden Putin Ties
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US authorities plan to examine the purchase of Russian Lukoil Oil Company's overseas assets by Swiss commodity trader Gunvor Group for potential connections to Russian leader Vladimir Putin, Bloomberg reported on November 4.
According to Bloomberg, the deal—described as “the transaction of a lifetime” inside the trading industry—transferred ownership of Lukoil International GmbH, the Russian oil company’s global business unit, to Gunvor.
The transaction, agreed shortly after new US sanctions targeted Lukoil, prompted American regulators to investigate whether the sale complies fully with restrictions imposed on Russian oil exports and ownership structures.
Bloomberg noted that Gunvor, once co-founded by Gennady Timchenko—a longtime associate of Putin sanctioned by the US in 2014—has long faced questions about its early ties to the Kremlin.
Gunvor Chief Executive Torbjörn Törnqvist told Bloomberg that the acquisition represents a “clean break” from Lukoil and that the company “has no plans to return these assets to Russia.”
The US Treasury’s Office of Foreign Assets Control is expected to review the financial and ownership arrangements behind the deal to ensure that no sanctioned parties benefit from it.
Bloomberg’s report added that the scale of the sale and the proximity of its timing to the sanctions decision have drawn particular attention from Western regulators monitoring compliance with restrictions on Russia’s energy sector.
Gunvor has said it will cooperate fully with regulators in all jurisdictions involved and insists that its operations are now fully transparent and independent of any Russian influence.
The Bloomberg investigation emphasized that Washington’s review could set a precedent for future transactions involving divestments by sanctioned Russian companies.
Earlier, it was reported that the European Union blacklisted 189 Russian-linked tankers to disrupt Moscow’s “shadow fleet” managing oil exports outside formal channels.
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