Kazakhstan's Strategic Talks Over Lukoil Stakes Amid Sanctions

Kazakhstan's government is engaging in discussions about handling Lukoil's project stakes, following the company's decision to sell international assets due to sanctions over Ukraine. This marks a significant move by a Russian firm amidst escalating Western sanctions related to Russia's ongoing war in Ukraine, which began in February 2022.

Kazakhstan's government is in talks with consultants to address the stakes held by Russian oil giant Lukoil in several projects, as stated by the chairman of Kazakhstan's sovereign wealth fund, Samruk Kazyna, Aidar Ryskulov, during a press briefing in Astana.

This development follows Lukoil's announcement on Monday to divest its international assets, a decision prompted by the latest round of United States sanctions imposed due to the ongoing Ukraine conflict. These sanctions were announced last week and represent mounting Western pressure on Moscow.

The anticipated sale of Lukoil's assets is considered a major response by a Russian company amidst the comprehensive sanctions regime implemented by Western nations in retaliation for Russia's military actions in Ukraine, initiated in February 2022.

(With inputs from agencies.)