According to AFP, Russian oil giant Lukoil will sell its overseas assets, the company said, after it was hit with U.S. sanctions over the war in Ukraine.
U.S. President Donald Trump last week slapped Russia with his first significant sanctions package, targeting two top oil companies, Lukoil and Rosneft, after saying he was frustrated that Moscow had not halted its offensive.
“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,” Lukoil said in a statement.
It added that the bidding process has already started.
Lukoil and Rosneft, which account for 55% of Russia’s oil output, were also put on the SDN list of sanctioned entities, a registry followed by many countries and feared in the business world.
Washington gave firms who work with the Russian entities one month to cut ties or face secondary sanctions, which would deny them access to U.S. banks, traders, shippers and insurers.
