Lukoil Reports $19.8 Billion Impairment Loss on Foreign Assets

Russian energy giant Lukoil PJSC completely wrote off its investments in foreign assets after the US blacklisted the company.

Russia’s No. 2 oil producer recognized 1.67 trillion rubles ($19.8 billion) in impairments for last year after losing control of its international businesses, it said in a financial report Friday. That led to a net loss of 1.06 trillion rubles, compared with a profit a year earlier.