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Investing.com -- Russian oil major Lukoil has declared force majeure at Iraq’s West Qurna-2 oilfield, according to four sources familiar with the situation.
The declaration comes as Western sanctions against the Russian company have complicated its operations in Iraq, the sources said Monday.
In response to the situation, Iraq has frozen all payments to Lukoil, both in crude oil and cash, as Baghdad seeks legal avenues to maintain operations at the giant oilfield, according to three of the sources.
Lukoil has warned Iraqi officials it may exit West Qurna-2 if the force majeure situation continues, the sources added.
The Russian company has also terminated services of all non-Russian foreign staff working at the West Qurna-2 facility, further indicating the operational challenges the company faces under sanctions.
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