Lukoil Sells International Assets Amid US Sanctions

Lukoil announced plans to sell its international assets following U.S. sanctions aimed at pressuring Russia to cease its conflict with Ukraine. The company is negotiating with buyers and hopes to complete deals by November 21, considering an extension if needed. Sanctions complicate overseas business operations.

Russian oil giant Lukoil is divesting its international holdings in response to new U.S. sanctions designed to pressure Russia into agreeing to a ceasefire in Ukraine.

The company is currently negotiating with potential buyers under a sanctions grace period that expires on November 21, though Lukoil may seek extensions to finalize sales.

With stakes in multiple countries and refineries across Europe, Lukoil and fellow Russian oil major Rosneft face significant operational challenges due to the sanctions, which also deter foreign banks from engaging in transactions with them.

(With inputs from agencies.)