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Investing.com -- Russian oil giant Lukoil announced Monday it would divest its international assets due to sanctions imposed by several countries.
The company, Russia’s second-largest oil producer, stated the sale would be conducted under an OFAC wind down license. Lukoil indicated it may seek an extension of this license if necessary to maintain uninterrupted operations of its international assets. The firm has already begun reviewing bids from potential buyers.
This decision follows significant sanctions imposed by the United States on October 22, when President Donald Trump targeted both Lukoil and Rosneft, Russia’s largest oil companies, with Ukraine-related sanctions. These measures represent Washington’s most severe actions against Russian businesses since the war in Ukraine began.
The sanctions pressure intensified earlier this month when Britain also imposed restrictions on Lukoil and Rosneft on October 15. The UK sanctions additionally targeted 44 vessels described as "shadow fleet tankers" - primarily aging vessels with unclear ownership structures - in what British officials characterized as an effort to strengthen energy sanctions and reduce Kremlin revenue.
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