Lukoil says it plans to sell foreign assets following U.S. sanctions

This was stated in a company announcement, Ukrinform reports.

According to the statement, “in connection with the introduction of restrictive measures against the company and its subsidiaries by certain countries,” Lukoil has announced its intention to sell its foreign assets.

“Review of applications from potential buyers has begun. The sale of assets is being carried out in accordance with an OFAC license for winding down operations. If necessary, the company plans to apply for an extension of the license to ensure the uninterrupted operation of its overseas assets,” the announcement reads.

As reported by Ukrinform, on October 22 the United States imposed sanctions against Lukoil and Rosneft. The restrictions on Russia’s largest oil producers were introduced “due to Russia’s lack of serious commitment to a peace process aimed at ending the war in Ukraine,” the U.S. Department of the Treasury stated.

Alongside the parent companies Lukoil and Rosneft, subsidiaries were also added to the sanctions list, including those involved in geological exploration, oil and gas extraction, field operations, and logistics.