Russia’s Lukoil Plans to Sell Foreign Assets Amid Sanctions

Lukoil PJSC, Russia’s second-largest oil producer, announced plans to sell international assets after being hit by US sanctions last week.

The company has started considering bids from potential buyers, according to a statement posted on its website late on Monday. The divestment process is being conducted under a wind-down license from the US Treasury’s Office of Foreign Assets Control, which Lukoil said it could ask to be extended “to ensure uninterrupted operations of its international assets.”