Litasco's top US traders splinter to rival firms after Russia sanctions
Key Departures and Industry Impact
(Corrects Melissa Mauro's title to vice president of oil scheduling in paragraph 7)
By Shariq Khan
The Unraveling of Litasco
NEW YORK, April 29 (Reuters) - Litasco's top U.S. employees have departed for rival firms over recent weeks after U.S. sanctions against its Russian parent Lukoil cut off the Americas trading arm from the global financial system, three sources familiar with the matter said.
The departures mark the latest chapter in the unraveling of Litasco, once Russia's biggest oil trader, after it earlier shut global offices and let go of most of its traders and other staff due to U.S. sanctions announced in October. Lukoil, meanwhile, has been forced into a fire sale of its foreign assets because of its inability to operate internationally.
Rebranding and Restructuring Efforts
The trading arm in recent years had tried to distance itself from Lukoil in a bid to rebuild its business after Moscow's 2022 invasion of Ukraine turned lenders reluctant to do business with it well before last year's sanctions. The Americas-focused arm, earlier called Lukoil Pan Americas, rebranded itself to Litasco Pan Americas last year.
The bid to revive the business was said to have been progressing well until the sanctions. Litasco had hired Dmitri Sinenko to lead the effort as managing director of the Americas business in 2024, and a number of his close aides from former employer Gunvor joined him, taking Litasco Pan Americas headcount from five in 2024 to over 25 last year, three sources familiar with the matter said.
Leadership Changes
Sinenko last week joined Castleton Commodities International as a refined products trader, two of the sources said. He stayed at Litasco Pan Americas after most other employees were let go late last year, to help with contractual obligations and other administrative issues, the sources said.
Sinenko declined to comment. Litasco did not immediately respond to a request for comment.
Breaking Up the Band: Where Top Traders Landed
BREAKING UP THE BAND
Moves to Castleton Commodities International
Some other top Litasco traders and employees join Sinenko at Castleton, including Melissa Mauro, who earlier this month moved to the Stamford, Connecticut-based commodities trading company as vice president of oil scheduling, according to her LinkedIn profile.
Mauro declined to comment.
Gasoline trader Marko Hirvensalo and distillate fuels trader Luke Richner are also set to join Castleton, two sources said.
Hirvensalo could not be reached for comment. Richner did not immediately respond.
Other Notable Departures
Anisha Sachanandani, who joined Litasco as a senior operations manager in 2024 from Gunvor, is in talks to move to convenience chain Circle K as director of supply optimization, two sources said.
Sachanandani declined to comment.
Moves to Vitol
Meanwhile, Sinenko's closest aide, Sushant Koduru, who left Gunvor to deputize for him at Litasco Pan Americas, joined Vitol as a refined products trader earlier this month, the two sources and a third familiar with the matter said.
Longstanding Professional Relationships
Sinenko, Koduru and Mauro had worked together for nearly two decades, starting at Noble Americas around 2008 and then following each other to Gunvor after Noble Group's collapse in 2016.
Jakub Jujka, who joined Litasco last year after overlapping with Sinenko and others at Gunvor and Noble, joined Vitol as a gasoline trader this month, his LinkedIn profile showed.
Vitol's Desk Reshuffle
Jujka and Koduru join Vitol, the world's largest commodity trader, amid a major reshuffle of its refined products desk. U.S. gasoline traders Calvin Greer and Phil Reiser, meanwhile, left Vitol, two sources familiar with the matter said, following the retirement of John Addison as Vitol's head of Americas refined products at the end of last month.
Koduru did not respond to a request for comment. Jujka did not immediately respond. Vitol declined to comment.
(Reporting by Shariq Khan in New York)
