Russian oil company “Lukoil” has decided to sell its assets abroad due to the imposition of sanctions on it and its subsidiaries.
This is stated on the “Lukoil” website.
The company writes that consideration of offers from potential buyers has already started.
“Lukoil” will sell the assets within the framework of a license issued by the Office of Foreign Assets Control of the US Treasury Department.
However, for this to happen, it is necessary to apply for an extension of the license to ensure the operation of international assets until the agreements are completed, the company notes.
US sanctions against “Lukoil” and “Rosneft”
The US President Donald Trump imposed sanctions on “Lukoil”, “Rosneft”, and their subsidiaries on October 23. The list includes more than 30 units of both companies, including oil fields, gas fields, and refineries across the country.
In just two days, the shares of both companies fell, with Russiaʼs largest oil corporations losing a combined $5.2 billion. In particular, “Lukoil” shares fell by 7.2%, resulting in a loss of $3.66 billion. “Rosneft” shares fell by 3%, taking $1.56 billion with them.
“Rosneft” and “Lukoil” account for about half of Russiaʼs daily oil production. For example, “Rosneft” generates about 17% of Russiaʼs budget revenues.
Author: Anastasia Zaikova
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