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