Lukoil, Russia’s second-largest oil producer, reported that it is discussing the sale of its foreign assets due to recent sanctions from the UK and the US.
A deal with the Gunvor trading house fell through after the US government objected. Lukoil plans to announce the specific deal once final agreements and regulatory approvals are in place.
The company wants to maintain steady operations during the sale to prevent disruptions in energy supply and protect jobs.
The US Treasury’s Office of Foreign Assets Control imposed new sanctions targeting Lukoil, giving companies until November 21 to finalize their transactions with the company.
With information from Reuters