The US Treasury has asked US companies and banks to cut ties with Timchenko’s energy vehicles Gunvor and Volga Resources, alleging that Russian President Vladimir Putin “has investments in Gunvor and may have access to Gunvor funds”.
Gunvor is a major seller of Russian oil and oil products on the international market. It has become a multi-billion dollar company during Putin’s tenure as Russian President, while Volga Resources acts mainly as an investment and holding vehicle for Timchenko.
Switzerland-based
