Russian oil giant Lukoil will sell its overseas assets, the company announced on Monday, October 27th, after it was hit with U.S. sanctions motivated by the war in Ukraine.
Last week U.S. president Donald Trump slapped Moscow with his first significant sanctions package, targeting oil industry leaders Lukoil and Rosneft, after saying he was frustrated that Moscow had not halted its offensive.
In a statement, Lukoil said
Owing to the introduction of restrictive measures against the company and its subsidiaries by some states, the company announces its intention to sell its international assets.
It added that the bidding process has already started.
Shortly before introducing the sanctions, Trump had scrapped a planned summit with Russia’s President Vladimir Putin, who said the measures were “serious,” but not enough to crush the Russian economy, already under numerous international restrictions.
The sanctions would freeze all Rosneft and Lukoil assets in the United States and prohibit U.S. companies from doing business with them.
