Russian oil giant Lukoil announces sale of overseas assets
Russian oil giant Lukoil announced its intention to sell its foreign assets due to US sanctions.
According to RIA Novosti, the oil group Lukoil announced on October 27 its intention to sell its foreign assets due to the imposed sanctions.
"PJSC Lukoil announces that, due to the restrictive measures imposed by a number of countries on the company and its subsidiaries, the company is announcing its intention to sell its international assets. The review of applications from potential buyers has begun," Lukoil said in a statement.
On October 22, the US Treasury Department imposed sanctions on Lukoil and its subsidiaries, in which Lukoil holds more than 50% of shares. Any transactions with these companies must be completed by November 21. These are the first sanctions imposed under President Donald Trump's second term.
In the 19th package of sanctions against Russia announced by the EU on October 23, the alliance also imposed restrictions on Lukoil's trading unit, Litasco Middle East DMCC, which is headquartered in Dubai.
In addition to Litasco, Lukoil owns two refineries in Europe – in Romania and Bulgaria. It is also the operator of the West Qurna-2 project in Iraq, with a 75% stake. It also owns assets in Africa, where it has a 50% stake. It also holds minority stakes in a number of international projects.
According to Russian Foreign Ministry spokeswoman Maria Zakharova, the introduction of new restrictions sends a counterproductive signal, including from the perspective of resolving the Ukrainian issue.
The ministry also stressed that the new US Treasury sanctions against Russian companies will not cause any problems for Russia, which has developed strong immunity to such restrictions.
