Add to favorite
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS

Gunvor to Sell Off Russian Assets
27.10.2014 12:18
Gunvor to Sell Off Russian Assets
Photo Credit:

Gunvor, one of the world’s largest oil traders, is seeking to sell off its Russian assets to distance itself from the country hit with international sanctions and send a hopeful signal to investors, says a report by The Financial Times.

      According to the business newspaper, Gunvor will dispose of its assets in Russia and expand to new regions.

      Earlier, Russia-IC reported that Gennady Timchenko, one of the people with close ties to the Kremlin who are targeted by the US sanctions, had sold off his stake in Gunvor just a day or two before his name was placed on the black list by the US Treasury.

      According to the US Treasury, Gennady Timchenko is a co-founder of Gunvor, one of the world’s largest independent oil trader. “Timchenko’s activities in the energy sector have been directly linked to Putin. Putin has investments in Gunvor and may have access to Gunvor funds.”

      Gunvor came out to announce that Timchenko, worth $8.4 billion on Bloomberg’s Billionaire Index, sold his 44 percent stake to his partner, Torbjorn Tornqvist.

      The Geneva-based company employs a staff of 1,600 in more than 20 locations worldwide, sourcing from more than 35 countries. In 2012, it earned $93 billion.

      According to @Gunvor, the firm’s official Twitter account, “Pres. Putin has not and never has had any ownership, beneficial or otherwise in Gunvor. He is not a beneficiary of Gunvor or its activities.”

      Pursuant to Executive Order 13661 signed by President Obama on March 16, 2014, the US Treasury will freeze any of assets belonging to 20 Russian individuals and one bank within U.S. jurisdiction and prohibit any transactions with them.


Author: Mikhail Vesely

Tags: Gunvor     

Next Previous

You might also find interesting:

A Special Group in the UK will Monitor Financial Flows from Russia

Comment on our site

RSS   twitter   facebook   submit

Bookmark and Share

search on the map
Russian churches  Russian trasportation  Pobeda  Russian tourism  Russia visa-free   Sochi 2014  Russian Orthodox Church  Russian visa  Nina Niss-Goldman  Astrakhan Region  Barrows  Alisher Usmanov  Banking in Russia  Folk Art Festivals  energy drinks  Hermitage Museum  Russian business  Tatarstan  Russian roads  Business in Russia  Exhibitions in Moscow  Boris Babochkin  the Crimea  Kostroma  Festivals in Moscow  Pyotr Todorovsky  Father Mazay  Russian regions  Bolotnaya case  Russian Monuments  Russian Cinema  The Best of Russia  education and training  Spacecrafts  Tula Region  Life Saving  Novodevichy Convent   Olympic Games 2012 London  Crimea  Silver Bear  Victory Day  Mercedes-Benz Fashion Week Russia  Moscow  travel to Russia  Moscow Museums  Subsidies  Murmansk Museums  St. Petersburg  Alexander III  TASS 

Travel Blogs
Top Traveling Sites