Lukoil to Sell Foreign Assets Due to US Sanctions 0 9

The assets will be sold in connection with the decision made by the United States last week to impose sanctions against two of the largest Russian oil companies — Rosneft and Lukoil — due to Russia's refusal to end the war against Ukraine.

"As some countries have imposed restrictive measures against this company and its subsidiaries, the company announces its intention to sell its international assets," Lukoil stated.

The company added that the bidding process has already begun.

After diplomatic activity and the first direct negotiations between Russia and Ukraine, which took place more than three years ago, attempts to end the war in Ukraine have been frozen and show no signs of progress.

Shortly before the sanctions were imposed, US President Donald Trump canceled a planned summit with Russian President Vladimir Putin. Putin stated that these sanctions are "serious," but insufficient to destroy the Russian economy, which is already facing numerous international restrictions.

The sanctions include freezing all assets of Rosneft and Lukoil in the US and prohibiting American companies from conducting transactions with these Russian firms.

Rosneft and Lukoil, which account for 55% of Russian oil production, are also included in the list of legal entities subject to sanctions — SDN.

Companies cooperating with these Russian enterprises have been given one month by Washington to sever ties with them. Otherwise, these companies face secondary sanctions that would deprive them of access to American banks, trading companies, carriers, and insurers.