Santander Pulled Gunvor Funding After ‘Kremlin’s Puppet’ Claim

Spain’s Banco Santander SA pulled funding commitments from Gunvor Group after the US Treasury described the commodity trader as “the Kremlin’s puppet” in a social media post last week, according to people familiar with the matter.

While Santander is just one of the dozens of banks that finance Gunvor and its other lenders remain supportive, the move is the first indication of negative repercussions for the trading house from US comments that shocked energy markets last week.