Bessent Praises Santander for Pulling Out of Gunvor Credit Deal

US Treasury Secretary Scott Bessent said that Banco Santander SA “set a good example,” by pulling out of credit agreements with the trading house Gunvor Group.

The social media post on Tuesday comes after the US Treasury Department last month referred to Gunvor as “the Kremlin’s puppet.” That prompted the departure of co-founder and owner Torbjorn Tornqvist, who agreed to sell his 86% stake to staff.

Commodity trading houses rely on credit lines from banks to finance the oil, gas and metals they buy store, ship and sell. The vast majority of these are in US dollars.

Bloomberg ...