Gunvor Withdraws from Acquiring Lukoil Assets Due to Sanctions

• Gunvor terminated its agreement with Lukoil due to U.S. sanctions.
• Moldova is negotiating to acquire Lukoil's assets for market stability.
• Lukoil plans to sell its assets due to sanctions.

This is reported by ABC News, Interfax Ukraine.

CHISINAU -- Gunvor, one of the leading international commodity trading companies, has announced its exit from the agreement to acquire assets of the Russian oil and gas company Lukoil. This decision follows accusations from the U.S. government that Gunvor is a "Kremlin puppet." The company announced its withdrawal from the agreement through a publication from the U.S. Treasury Department, which highlighted support for the war in Ukraine, leading to numerous civilian casualties.

In its statement on the X platform, Gunvor denied these accusations, stating that the company has always been transparent about its management and has actively distanced itself from Russia. Among its actions — the suspension of trading in compliance with sanctions and the sale of Russian assets.

Lukoil, in turn, announced its intention to sell its international assets in response to U.S. sanctions, which require Russia to comply with the war's cessation. The company noted that it owns assets in 11 countries, including oil refineries in Bulgaria and Romania.

In Moldova, which supports the sanctions, the government is also seeking solutions to mitigate the crisis in the fuel market due to sanctions against Lukoil. Moldova's Minister of Energy, Dorian Unghii, confirmed that discussions are underway on the possibility of acquiring parts of Lukoil's assets to ensure the stability of fuel supply. This includes managing a single fuel storage facility at Chișinău Airport, as Lukoil is the only company that provides refueling for aircraft at the airport.

The Moldovan government stated that they cannot allow the sale of Lukoil's assets to other companies due to national security concerns. Meanwhile, the country has appealed to the U.S. for a temporary waiver for Lukoil to prevent violations of fuel supply provisions.

Tags: USA/Russia/Energy