Russia’s Lukoil to Divest International Holdings After US-UK Sanctions
(MENAFN) Russian energy giant Lukoil has revealed plans to divest its international holdings in response to new sanctions imposed by the US and the UK, the company said in a statement on Monday.
“PJSC Lukoil announces that, due to the introduction of restrictive measures by a number of countries against the company and its subsidiaries, the company is announcing its intention to sell its international assets,” the statement read, adding that the review of bids from prospective buyers has already begun.
The company noted that the planned asset sale will proceed under a wind-down license granted by the Department of the Treasury's Office of Foreign Assets Control (OFAC), allowing for limited transactions over a fixed period.
Lukoil also suggested it may request an extension of the license “to ensure the continued operation of its international assets.”
The sanctions follow recent moves by Washington, which imposed blocking measures on Lukoil and Rosneft, as well as 34 subsidiaries, under President Donald Trump’s latest crackdown on Russia’s energy sector.
In mid-October, the UK government also added Lukoil to its sanctions list.
Following the announcements, Lukoil’s market value plunged sharply, wiping out nearly $3.7 billion in a single week. Analysts cautioned that the measures could further hinder Russia’s energy exports while straining logistics and pricing.
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