Swiss commodity trading giant Gunvor has withdrawn its proposal to purchase the foreign assets of Russian energy firm Lukoil. The decision follows a stern warning from the U.S. Treasury, which is opposing the transaction as the conflict in Ukraine continues unabated.

In a public announcement, the U.S. Treasury emphasized its position against Gunvor, labeling it as a 'Kremlin puppet.' The statement further declared that no operational licenses would be sanctioned while the war drags on under Russian President Vladimir Putin's command.

Seth Pietras, Gunvor's corporate affairs director, criticized the Treasury's statements as 'misinformed,' but welcomed dialogue to address the miscommunication. Nonetheless, the proposal for acquiring Lukoil's assets has been shelved amidst the sanctions imp

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