Russia’s second-largest oil producer, Lukoil, said on Monday it would sell its international assets following sanctions over Ukraine announced last week by the United States.

The planned sale of the assets is the most consequential action so far by a Russian company in the wake of Western sanctions over Russia’s war in Ukraine, which started in February 2022.

“The sale of the assets is conducted under OFAC wind down license. If necessary the company plans to apply for extension of the license to ensure uninterrupted operations of its international assets,” Lukoil said in its statement, adding that the consideration of bids from potential purchasers had started.

On October 22, U.S. President Donald Trump imposed Ukraine-related sanctions on Russia’s largest oil companies, Lukoil and Rosn

See Full Page