American sanctions are putting Russia under pressure

Dec 4th 2025|4 min read

On December 1st Gunvor, a big oil trader, announced that its co-founder and boss, Torbjorn Tornqvist, would leave and sell his stake in the firm to staff. The Swede is a collateral victim of American sanctions against Lukoil and Rosneft, Russia’s biggest oil firms, that were implemented on November 21st. Swiss-based Gunvor had offered to buy Lukoil’s $22bn portfolio of foreign plants, stations and wells, reviving suspicions it was cosy with the Kremlin. America blocked the sale, forcing it into a humiliating u-turn. Now Lukoil’s assets look like they may be sold in chunks, for rather less money.