Gunvor Kept Dealing With Russian Energy Firms Despite Pledge

· Investigations · Switzerland · Russia

Records show commodity trader Gunvor continued doing business with Russian energy firms even while publicly saying it was winding down its Russia operations. Gunvor privately told its bank, the Industrial and Commercial Bank of China, that the deals complied with sanctions laws.

Why it matters：The case tests whether sanctions compliance and public pledges to exit Russia can be verified, and puts banks and commodity traders under scrutiny over how they police Russian business.

Key points

  • The records indicate Gunvor privately acknowledged the Russian deals to its bank.
  • The company had publicly condemned Russia's war and claimed to be winding down its Russia business.

Sources (original reporting)

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