Russia’s second-largest oil producer, Lukoil PJSC, announced plans to sell international assets amid US and UK sanctions.

Lukoil is considering bids from would-be buyers, the company said on its website on Monday. The divestment process is being conducted under a wind-down licence from the US Treasury’s Office of Foreign Assets Control, according to Lukoil. The company is prepared to seek an extension of the licence “to ensure uninterrupted operations of its international assets.”

The decision follows the “introduction of restrictive measures against the company and its subsidiaries by some states”, Lukoil said.

Last week, US President Donald Trump’s administration slapped sanctions on Russia’s two biggest oil producers — Lukoil and state-controlled Rosneft PJSC — to pressure the Vladim

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