US Treasury Attacks Gunvor Again a Day After Abrupt CEO Exit

US Treasury Secretary Scott Bessent issued a second public attack on Gunvor Group, praising Banco Santander SA’s decision to pull funding from the trader that was thrown into turmoil last month when his department labeled it a “puppet” of the Kremlin.

The comments come a day after Gunvor announced the abrupt exit of co-founder and owner Torbjörn Törnqvist, who has been replaced as CEO as part of a management buyout that the company said would mean a “definitive reset.” Bessent didn’t refer to the change of control at Gunvor in his social media post, and it wasn’t clear if he was suggesting Santander’s move had contributed to Gunvor’s decision, or encouraging more banks to pull back despite it.