Swiss trader and charterer Gunvor Group said on Friday it has no significant ties to Russia, despite past dealings with the sanctions-ridden country.
“While Gunvor has a history working in Russia, the company’s trading today has no material exposure to the country,” the group announced in a statement.
Several companies have been distancing itself from Russia, a country subjected to severe economic sanctions and increasingly shunned politically after its forces invaded Ukraine late last month.
“Gunvor Group unequivocally condemns the war in Ukraine and the senseless violence taking place against the civilian population,” the Geneva-based company said the company, which is based in Geneva, Amsterdam and Nicosia.
According to the statement, Gunvor sold all its Russian assets seven years ago. Ownership of a remaining “minority, non-controlling stake” in the Ust-Luga Oil Products terminal is “currently being reviewed”.
Gunvor also pointed out that it harbours no other outside Russian shareholders or economic interests. Chairman and chief executive officer Torbjorn Tornqvist owns 88.4% of the company and the balance is held by Gunvor employees.
“The hopes and prayers of all Gunvor employees are for immediate peace in Ukraine, and the Gunvor Foundation is currently working to support charities aiding the resulting humanitarian crisis,” the statement said.
Speaking at the online TradeWinds Shipping Forum’s ESG panel on Thursday, several shipowners questioned doing business with Russia while its attack on Ukraine lasted.
On top of that Russian seaborne crude oil exports are “close to frozen” as owners and buyers retreat in fear of energy sanctions and reputational risk, analysts said.