Switzerland-based oil trading company Gunvor Group has withdrawn its offer to acquire the international assets of Russian energy giant Lukoil, the company announced on Thursday.
In a written statement, Gunvor said recent comments by the US Department of the Treasury regarding the company were “fundamentally misinformed and false.”
Gunvor stressed that it operates transparently and has kept its distance from the Russian market for over a decade.
"Gunvor stopped trading in line with sanctions, sold off Russian assets, and publicly condemned the war in Ukraine," the statement read.
It confirmed that the offer for Lukoil’s international holdings had been formally withdrawn.
- Sanctions trigger asset sale
US President Donald Trump on Oct. 23 imposed sanctions on Lukoil, Russia's second-largest oil producer, and its subsidiaries, citing a "serious lack of commitment" to peace efforts aimed at ending the war in Ukraine.
Following the sanctions, Lukoil, which accounts for about 2% of global oil production, announced on Oct. 27 that it would divest its international operations.
Three days later, the company said it had reached a preliminary agreement with Gunvor for the sale.
However, the US Treasury Department later said it would not authorize Gunvor to proceed with the transaction, effectively halting the deal.
Reporting by Emre Gurkan Abay
Writing by Humeyra Ayaz
Anadolu Agency
energy@aa.com.tr