Russia's Lukoil says it intends to sell international assets due to Western sanctions

Russia's second-largest oil producer, Lukoil, said on Monday it would sell its international assets "owing to introduction of restrictive measures against the company and its subsidiaries by some states."

"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 Rosneft, in Washington's toughest measures against Russian business during the war in Ukraine. On October 15, Britain also targeted Lukoil and Rosneft, as well as 44 so-called shadow fleet tankers, mainly consisting of aging tankers with opaque ownership, in what it described as a new bid to tighten energy sanctions and choke off Kremlin revenue.