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Story summary
- Gunvor, the commodities trader, withdrew its bid for Lukoil's foreign assets after the U.S. Treasury labeled it a "Kremlin puppet."
- The Treasury said Gunvor would not receive approval unless Russian aggression in Ukraine ceases.
- Gunvor asserts it has distanced itself from Russian oil trading for more than a decade.
- The $22 billion acquisition leaves Lukoil seeking alternative buyers before the November 21 sanctions deadline, prompting worries of discounts.
