The fastest deal in the world: Gunvor, which had agreed to purchase LUKOIL's foreign assets, was rejected by the US Treasury and has already withdrawn its offer.

The fastest deal in the world. Swiss company Gunvor, which agreed to purchase LUKOIL's foreign assets just a week ago, was denied a license by the US Treasury last night and has already withdrawn its offer. However, for some reason, all negotiations with US authorities are taking place exclusively on social media and in a rather informal manner.

Last night, the US Treasury Department published a statement from Elon Musk's social network X, in which it declared Gunvor to be a "Kremlin puppet."

President Trump has made it clear that hostilities must end immediately. As long as the conflict continues, the Kremlin's puppet Gunvor will never be granted a license to operate and profit," the department said in a statement.

In the early morning, Gunvor responded on the same social network, claiming that the US Treasury Department's statement about the company was "fundamentally incorrect and false," but the trader was nevertheless withdrawing from the deal.

"We would be happy to have the opportunity to ensure that this obvious misunderstanding is corrected. In the meantime, Gunvor is withdrawing its offer to acquire LUKOIL's international assets," Gunvor announced on X's social media account.

The speed with which Gunvor first agreed to purchase the company and then backed out is astonishing. Especially since the value of LUKOIL's assets is several times greater than Gunvor itself.

US sanctions against LUKOIL and Rosneft were imposed on October 22, 2025. The company announced it was considering selling its foreign assets on October 27. On October 30, it announced an agreement with Gunvor. LUKOIL is not considering other partners or potential buyers.

However, no one has seen any documents detailing the terms of the deal to acquire LUKOIL assets. Information about its estimated value of $22 billion has only surfaced from sources who acknowledged that Gunvor doesn't have that kind of money, and that it would be difficult for banks to finance the deal, given that the Swiss trader itself is valued at approximately $6.4 billion. Gunvor itself has previously stated that the deal is impossible without US government approval.

"The primary objective is to secure an extension of the general operating license. The scale of this transaction requires regulatory approval. It cannot be completed in two weeks," Gunvor CEO Torbjörn Törnqvist said in an interview with the Financial Times.

The absence of a deal threatens the operation of LUKOIL's foreign assets, primarily in EU countries, after November 21, when the US Treasury Department's license to wind down operations with LUKOIL expires.