Written by The Banking Post
Russian energy major Lukoil has announced plans to sell off all its international assets following a new round of US sanctions imposed by President Donald Trump to pressure Moscow into halting its war in Ukraine.
In a statement issued Tuesday, the company said it has initiated talks with potential buyers and expects to complete the sales within a grace period ending November 21. Lukoil added that it may seek an extension if more time is needed to finalize the deals.
The company currently holds oil and gas assets in 11 countries, including refineries in Bulgaria and Romania and a 45% stake in a Dutch refinery.
The sanctions, announced on October 22, target Russia’s two biggest oil producers — Lukoil and Rosneft — which together account for nearly half of the country’s oil exports. The US Treasury said the move is intended to cut off Moscow’s key revenue streams that are financing its military campaign.
Treasury Secretary Scott Bessent urged Russia to “immediately agree to a ceasefire,” emphasizing that oil and gas revenues remain vital to sustaining the Kremlin’s operations.
Under the sanctions, US firms are prohibited from doing business with the two companies, while foreign banks that process their transactions could face secondary sanctions — a measure likely to further isolate Russia’s energy sector from global financial markets.
