The U.S. Department of the Treasury stated that the international energy trader Gunvor will not receive licenses to acquire foreign assets of the Russian company Lukoil until Russia ceases its war against Ukraine. The department emphasized that the Trump administration insists on an immediate halt to hostilities, and granting a license to Gunvor is out of the question while aggressive actions by the Kremlin continue.
This is reported by Business • Media
“President Trump has made it clear that the war must end immediately. As long as Putin continues senseless killings, the Kremlin’s puppet Gunvor will never receive a license for operations and profit,” the U.S. Treasury’s statement emphasized.
Gunvor Withdraws Application, While Romania and Bulgaria Seek Solutions
Following the decision by U.S. authorities, Gunvor Group announced the withdrawal of its application to acquire Lukoil’s assets, simultaneously calling the U.S. Treasury’s assessment of it “false.”
Meanwhile, two NATO countries—Romania and Bulgaria—are taking urgent measures to protect their oil refineries owned by Lukoil from the risk of falling under U.S. sanctions. The Bulgarian parliament has already passed a law allowing the government to gain significant powers over the management of the refinery in Burgas, including the possibility of nationalizing the enterprise to ensure the continuous operation of the plant.
The Importance of Russian Refineries for the Region
The Romanian authorities are considering seeking a temporary exemption for their refinery from the sanctions list, and as a last resort, nationalizing the enterprise. The Russian refinery in Bulgaria supplies up to 80% of domestic fuel demand, while the plant in Romania covers about 20% of the market. The shutdown of the latter could lead to a halt in Romanian fuel supplies to Moldova, which, according to experts, would present “a huge PR opportunity for Russia.”