Russian oil giant Lukoil sells its foreign assets due to sanctions
The Russian oil company Lukoil announced on 27 October that it plans to sell its international assets after sanctions were introduced by the US and other states targeting the company and its subsidiaries.
Source: press release on Lukoil's website
Quote: "Owing to [the] introduction of restrictive measures against the Company and its subsidiaries by some states the Company announces its intention to sell its international assets.
The consideration of bids from potential purchasers has been started."
Details: Lukoil noted that the sale will take place under a licence issued by the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury. If necessary, the company plans to apply for an extension of the licence to ensure uninterrupted operation of its international assets until the completion of the transactions.
Background:
- US President Donald Trump expects Europe to completely abandon Russian oil and gas. He recently imposed sanctions on Rosneft and Lukoil.
- Following that, Hungarian Prime Minister Viktor Orbán said that his country is working on finding a way to bypass US sanctions.
- Matthew Whitaker, US Ambassador to NATO, stated that Washington expects Hungary to abandon Russian oil and gas.
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