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Swiss firm Gunvor pulls $14B bid for Lukoil assets after U.S. blocks deal over Russia ties.
Swiss commodity trader Gunvor has withdrawn its $14 billion bid to acquire Lukoil’s international assets after the U.S. Treasury labeled it a “Kremlin puppet” and signaled it would not approve the deal, citing sanctions efforts against Russia.
The proposed acquisition included European refineries, oilfield stakes, and 2,000 fuel stations.
Gunvor called the characterization false, noting it severed ties with Russia in 2014 and condemned the war in Ukraine.
The deal was deemed unlikely to proceed due to U.S. licensing restrictions and financial constraints.
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La firma suiza Gunvor retira una oferta de 14 mil millones de dólares por los activos de Lukoil después de que los bloques estadounidenses negocien los lazos con Rusia.