Russian oil giant Lukoil will sell its overseas assets, the company said late Monday, after it was hit with US sanctions over the war in Ukraine.

US President Donald Trump last week slapped Russia with his first significant sanctions package, targeting two top oil companies, Lukoil and Rosneft, after saying he was frustrated that Moscow had not halted its offensive.

"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," Lukoil said in a statement.

It added that the bidding process has already started.

After a diplomatic flurry this year and the first direct talks between Russia and Ukraine in more than three years, efforts to end the war have frozen with little si

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