Russian oil giant Lukoil is seeking buyers for its international assets following the imposition of new restrictive measures by the United States against the company and its subsidiaries.
The move marks a major shift for one of Russia’s largest private oil producers, as Western sanctions continue to exert pressure on the country’s energy sector.
Lukoil has begun reviewing bids from potential buyers for its assets, with the sale process being conducted under a U.S. Office of Foreign Assets Control (OFAC) wind-down license, according to a company statement.
The company added that it may seek an extension of the license, if necessary, to ensure uninterrupted operations of its international assets during the transition.
The decision comes after U.S. President Donald Trump, on October 22, imposed sanctions targeting Lukoil and Rosneft amid rising tensions over the Russia-Ukraine conflict.
Additionally, the European Union (EU) has approved its 19th sanctions package against Russia, which includes a ban on Russian liquefied natural gas (LNG) imports.
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