Lukoil to sell foreign assets after new sanctions

Russia’s Lukoil said it plans to sell its overseas assets after several countries imposed sanctions against the company and its subsidiaries.

Bloomberg reported that Washington has given Berlin six months to resolve ownership issues over Rosneft’s German assets. The German government took control of Rosneft Deutschland and RN Refining & Marketing GmbH in September 2022, gaining stakes in three refineries — PCK in Schwedt, Miro in Karlsruhe and Bayernoil in Vohburg.

Politico earlier reported that the European Union is preparing measures to cut financial ties with Lukoil, including a potential ban on transactions. The company still operates refineries in Bulgaria and Romania and runs fuel stations across Europe.

The U.S. Treasury announced sanctions against Russia’s two largest oil companies — Lukoil and Rosneft — citing Moscow’s “lack of serious interest in the peace process.” The restrictions also cover 34 subsidiaries located in Russia.