Hours After US Rebuke, Gunvor Secures $2.4 Billion From Banks

A syndicate of international banks agreed to provide commodity trader Gunvor Group with $2.4 billion in credit, with the announcement coming less than a day after the US Treasury called the company “the Kremlin’s puppet” and blocked its pursuit of Lukoil PJSC’s international assets.

It’s an initial signal that banks remain supportive of the company even after the US move. The deal largely refinances credit agreements made in prior years with European bank branches. It also follows a $2.8 billion facility Gunvor concluded with US bank branches on Thursday.