Russian oil giant Lukoil announced Tuesday that it plans to sell its international assets in response to sanctions imposed by U.S. President Donald Trump targeting Moscow’s oil industry amid the Ukraine conflict.
The company said it is in talks with potential buyers and aims to complete transactions under a sanctions grace period ending Nov. 21, seeking an extension if needed. Lukoil has stakes in oil and gas projects across 11 countries, including refineries in Bulgaria, Romania, and a 45% share in a Dutch refinery, along with gas stations in several other nations.
Trump’s sanctions, announced on Oct. 22, target Lukoil and Rosneft, Russia’s two largest oil exporters, which together account for roughly half of the country’s oil exports. The measures block U.S. businesses from dealing with the firms and threaten secondary sanctions on foreign banks facilitating their transactions, complicating international operations.
The sanctions specifically aim at sales to India and China, major buyers of Russian crude following the European Union’s ban on most Russian oil imports. Kremlin spokesman Dmitry Peskov said countries can independently decide whether to continue purchasing Russian energy, noting its strategic importance and competitiveness.
The move signals Lukoil’s effort to adjust to growing financial pressures from the U.S. and maintain liquidity while continuing global operations amid mounting geopolitical tensions.
