Trump blocks Lukoil’s plan to sell foreign assets to Gunvor

The U.S. Treasury Department said it will not issue a business license to Gunvor until the war in Ukraine ends, effectively blocking the company’s planned purchase of Russian oil firm Lukoil’s overseas assets.

“President Donald Trump made it clear that the war must stop immediately. As long as it continues, Gunvor will never receive a license to operate or make profit,” the Treasury said in a post on X.

Lukoil had planned to sell its international holdings, including Lukoil International GmbH, to Gunvor, but the transaction required U.S. regulatory approval because the company is under sanctions.

The United States and the United Kingdom previously added Lukoil and its subsidiaries to their sanctions lists, although restrictions do not apply to operations involving the Caspian Pipeline Consortium (CPC), Tengizchevroil, Karachaganak and Shah Deniz fields.

Following the sanctions, Lukoil announced plans to divest its foreign assets.