Gunvor Group's Strategic Move: Navigating Sanctions with New Acquisitions

Gunvor Group plans to address concerns over Russian influence in its new asset purchase from Lukoil. With talks underway with regulators, Gunvor's CEO Torbjorn Tornqvist assures a "clean break" from Russian control, amid U.S. sanctions on major Russian oil companies.

Gunvor Group, a commodities trading giant, is addressing concerns regarding potential Russian influence in its recent acquisitions from Russia's Lukoil. CEO Torbjorn Tornqvist, in a statement to Bloomberg News, emphasized Gunvor's readiness to satisfy any regulatory concerns.

Last week, Lukoil disclosed it accepted Gunvor's offer for its foreign assets amid U.S. sanctions directed at Russia's second-largest oil company. These sanctions represent Washington's sternest action against Russian businesses since the onset of the conflict in Ukraine.

Negotiations with regulators have commenced to cement the deal, Tornqvist revealed. He ruled out any asset reversion to Russian control if sanctions are lifted, highlighting the acquisition's intention of creating a decisive separation from Russian influence.

(With inputs from agencies.)