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US blocks Swiss firm Gunvor from acquiring sanctioned Lukoil assets

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The Washington administration announced it would not permit the Swiss oil company Gunvor to purchase the foreign assets of Lukoil, Russia’s largest private oil and gas company.

A statement from the US Treasury Department said, “President Donald Trump has clearly stated that the war in Ukraine must end immediately. As long as Russian President Vladimir Putin continues his senseless massacres, the Kremlin’s puppet, Gunvor, will never receive a license to operate and profit.”

Gunvor’s response: Allegations are misleading

Approximately one hour after this announcement, Gunvor announced it was withdrawing its offer to purchase Lukoil’s foreign assets.

The company described the US Treasury Department’s statement as “completely misleading and false.”

A statement from the company read, “Gunvor has always been open and transparent about its ownership structure and operations. For over a decade, it has been actively distancing itself from Russia, ceasing trade in compliance with sanctions, divesting Russian assets, and publicly condemning the war in Ukraine.”

Treasury approval was required for the deal

On October 22, the US imposed sanctions on Russia’s two largest oil companies, Rosneft and Lukoil, and their affiliated entities.

A week after this decision, Gunvor, founded in 1997 by Swedish businessman Torbjörn Törnqvist and billionaire Gennady Timchenko, known for his proximity to the Russian President, announced its plans to acquire Lukoil’s foreign assets.

These assets included dozens of businesses in oil production, fuel processing, and retail sales across 11 countries worldwide, with a total value of approximately $21 billion.

However, the completion of the deal was contingent on Gunvor receiving approval from the US Treasury Department.

Meanwhile, according to a report by the Bloomberg news organization citing sources familiar with the matter, these developments prompted the US to investigate the oil trading company’s past connections with Moscow.

The report highlighted that if Gunvor were to acquire Lukoil’s foreign assets, the two largest deals of co-founder Törnqvist’s career would have been realized thanks to US sanctions.

Indeed, after the Washington administration implemented restrictions against Moscow in 2014, billionaire Timchenko sold his stake in the company to Törnqvist.

At that time, the US Treasury Department stated that Timchenko’s activities in the energy sector were “directly linked to Putin,” and that the Russian President had investments in Gunvor and could access the company’s resources.

On the other hand, Törnqvist had stated that if Lukoil’s foreign assets were sold to Gunvor, they would never return to the Russian company.

Törnqvist also argued that the sale would not benefit Russia in any way and that US authorities should not oppose the deal.

The Washington administration had previously given Lukoil a deadline of November 21 to divest its foreign assets.

According to Bloomberg‘s report, major energy companies had previously contacted Lukoil representatives to express interest in purchasing the assets but were turned away due to Gunvor’s offer.

Russia

Russia relaxes diesel export curbs after talks with Trump

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Russia has announced that it will ship 500,000 tonnes of diesel fuel to the global market under a partial lifting of its diesel export ban, enacted as part of measures concerning the Ukraine crisis and energy markets.

A statement from the Russian government said the decision was implemented in accordance with understandings reached between Russian President Vladimir Putin and US President Donald Trump.

Under the decision, which came into effect on 10 October, an initial phase of 500,000 tonnes of diesel fuel will be supplied to the global market.

“Following the rescinded decision, Russian oil companies, in coordination with the government, will immediately begin signing diesel fuel supply contracts with foreign business partners,” the government statement said.

Assessing the matter, Deputy Prime Minister Aleksandr Novak stressed that the decision would not affect the interests of Russian consumers.

Noting that diesel fuel is produced from Russian crude at domestic refineries, Novak stated that production volumes are sufficient both to meet all domestic market requirements in full and to ship the specified quantities to the global market.

The ban on diesel fuel exports in Russia was initially put into effect on 31 January 2026, covering only non-producing companies.

The government tightened the restrictions on 9 July by expanding them to include direct producers. Previously announced to remain in place until the end of October, the ban was partially relaxed in light of current developments.

Vladimir Putin and Donald Trump held a telephone conversation on 9 October. Following the call, US President Trump announced that an agreement had been reached on the supply of Russian diesel.

Trump said Russia had agreed to send more than 300,000 tonnes of fuel to American and global markets in the initial phase, 500,000 tonnes in November, and 1 million tonnes thereafter.

Trump also stated that an additional shipment of 3 million tonnes could follow at a later stage, adding that they expect this agreement to reduce diesel fuel prices rapidly.

Following the conversation, the US Department of the Treasury, on Trump’s instructions, issued a temporary general licence exempting Russian diesel fuel transactions and shipments to the US—previously prohibited under sanctions—until 7 April 2027.

Putin, in a statement after the call, confirmed Russia’s readiness to supply crude oil and petroleum products to American and global markets, noting that this would have a positive impact on the world economy.

Putin also noted that the two leaders discussed prospects for resolving the conflict in Ukraine, the situation surrounding Iran, and bilateral relations, agreeing to maintain contacts through presidential envoys, intelligence agencies, and other institutions.

A statement issued by Novak’s office after the call said Russia was prepared to ship diesel to the US within October.

Novak stated that export volumes could be increased in November and December as refineries emerge from scheduled maintenance.

Novak also conveyed that Moscow views positively Washington’s steps towards stabilising the global energy market and normalising energy trade.

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Drone strike shuts down Yandex data centre in Russia’s Ryazan region

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A drone strike has hit a data centre belonging to Russian internet company Yandex in the town of Sasovo, located in the Ryazan region.

The company announced that a fire triggered by the attack damaged part of the infrastructure and resulted in a complete shutdown of the facility’s operations. No casualties or injuries were reported in the incident.

In a statement, Yandex said competent authorities and relevant teams were working at the scene to remediate the damage.

Owing to the facility being knocked offline, it was noted that some of the company’s online services might temporarily become inaccessible to users.

The company provided no details regarding the financial scale of the damage or when the data centre would be brought back into service.

Shares slide, cloud infrastructure curbs introduced

Following the developments, Yandex shares fell by more than 3.4% as of 10:10 Türkiye time.

A drone threat alert was reportedly communicated to residents of the Ryazan region at 23:48 on the night of 7 October, with the alarm lifted at 02:46 on the morning of 8 October. The facility in Sasovo had commenced operations in 2014.

In an advisory issued via the Yandex Cloud Alerts channel, it was reported that power issues were occurring in the system’s “ru-central1-b” availability zone.

The company stated that efforts to transfer data workloads to other availability zones had been completed and that services in other zones continued to operate normally.

However, it was noted that temporary restrictions could be imposed on the creation of new resources within the cloud infrastructure. According to data from outage-monitoring platform Downdetector, an increase in user complaints concerning Yandex, Yandex Cloud, and the real estate platform CIAN was recorded on the morning of 8 October. Reports were observed to have originated predominantly from Moscow and surrounding regions.

Data centre targeted for first time after logistics warehouses

Whether the attack directly targeted the data centre remains unconfirmed. Nevertheless, as of 8 October, this went on record as the first drone strike directed at data centres in Russia.

Beginning in the summer months of 2026, warehouses belonging to Russia’s leading e-commerce platforms had faced drone attacks.

Fires at several warehouses owned by the company Wildberries caused hundreds of billions of roubles in losses for sellers, after which logistics centres belonging to the company Ozon were also targeted.

Both companies amended their contractual terms, shifting liability for damages arising from attacks onto sellers.

Yandex facilities had previously experienced a widespread outage on 30 March 2025 due to a transformer failure, which temporarily disabled services including Yandex Cloud, Yandex Music, and Yandex Lavka.

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US and Russian figures discuss American stake in Nord Stream lines

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Senior officials from Russia and the US have reportedly discussed involving an American investor in the Nord Stream natural gas pipelines.

According to a report by the Reuters news agency based on five sources, those taking part in contacts included Kirill Dmitriyev, head of the Russian Direct Investment Fund (RDIF) and the Russian president’s special representative for investment and economic cooperation with foreign states, and Jared Kushner, son-in-law of the US leader.

Two sources providing information on the scope of the discussions said that while it remains unclear how detailed the consideration of the Nord Stream topic was, the matter nevertheless remains on the agenda.

Kushner reportedly views business-oriented cooperation as an instrument in initiatives aimed at ending the war in Ukraine.

A potential agreement could reportedly offer US investors an opportunity to profit from energy shipments to Europe once the war ends.

White House states no recent contacts have taken place

A White House official told Reuters that no negotiations regarding Nord Stream have been conducted recently.

The official emphasised that any agreement with Russia would require approval from the US International Development Finance Corporation (DFC) and the US Department of the Treasury, adding that such steps must yield benefits for US taxpayers and companies.

Another US official described reaching an understanding in the medium term as unlikely due to existing obstacles.

The natural gas pipelines are subject to US and European Union sanctions. A spokesperson for the German Federal Ministry for Economic Affairs and Energy stated that the approval of the German federal government is mandatory for the pipelines to be brought back into service, adding that the Berlin administration does not support such a step.

The spokesperson also recalled that Germany has secured alternative supplies to Russian gas.

The ownership structure of Nord Stream also features among the issues complicating the ground for negotiations.

In the consortium operating the project, Russian energy giant Gazprom holds a 51% stake, while the combined share of two German partners stands at 31%.

The remaining shares are held by France- and Netherlands-based companies.

A source speaking to the agency stated that the German partners wish to retain their stakes in order to preserve their influence in the project should Gazprom’s shares be sold.

What had American investor Lynch proposed?

The concept of involving a US financier in the Nord Stream projects had also surfaced in 2024.

American investor Stephen Lynch, founder of Monte Valle Partners, who conducted commercial activities in Russia for 20 years, had applied to the US administration for a licence allowing him to bid if the Nord Stream 2 pipeline were put up for auction.

Lynch described this potential move as an opportunity to keep Europe’s energy supply under control until the fossil-fuel era ends, as well as leverage against Russia in peace negotiations.

The Alternative for Germany (AfD) party described the possibility of transferring the pipeline to Lynch as an illustration of the German government’s irrational policy.

Separately, The New York Times (NYT) reported earlier this month that Ukraine-related contacts between Russia and the US were expanding to include a multi-billion-dollar oil deal covering Lukoil’s foreign assets.

The assets in question included Lukoil’s refineries in Eastern Europe as well as filling stations in the US.

NYT sources reported that discussions in this framework were also addressed during a meeting between Russian President Vladimir Putin, Steven Witkoff, and Kushner.

The sabotage of the Nord Stream pipelines took place in September 2022, with three of the four lines damaged by explosions.

One string of the Nord Stream 2 pipeline, which had not yet been commissioned at the time, remained intact.

The Federal Security Service of the Russian Federation (FSB) classified the incident as an act of international terrorism, while Putin claimed that “Anglo-Saxons” were behind the attack.

In investigations into the incident, judicial proceedings were pursued against several Ukrainian citizens, including professional diver Vladimir Juravlyov, suspected of planting explosives off the island of Bornholm, and Sergey Kuznetsov, who allegedly skippered the yacht Andromeda.

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