Trump Prevents Swiss-based Energy Trader from Purchasing Lukoil's Foreign Assets

Gunvor Group, a huge international oil and energy trading firm based in Geneva, had arranged to purchase Lukoil’s foreign assets after Trump imposed sanctions on Lukoil and Rosneft. U.S. President Donald Trump then accused Gunvor of being a Russian-linked firm, and the U.S. Treasury threatened to impose similar sanctions on them if they proceed with the purchase. Gunvor Group responded that the U.S. Treasury is “fundamentally misinformed” by branding it a Kremlin-linked entity, but also dropped its bid to buy the Lukoil interests.