Gunvor publicly condemned Russia’s war but continued to do business with Russian energy firms, records show

Even as the trading giant publicly claimed to be winding down its Russia business, Gunvor privately acknowledged the deals to its bank, the Industrial and Commercial Bank of China, saying they complied with sanctions laws. Shortly after Russia’s full-scale invasion of Ukraine in 2022, several major trading firms pledged to stop or reduce new dealings with Russian businesses, joining global efforts to weaken Vladimir Putin’s military machine.