On October 27, Russian oil giant Lukoil announced it has begun preparations to sell its international assets in response to mounting Western sanctions.
According to a statement on the company’s official website, Lukoil is currently reviewing offers from potential buyers.
This decision follows a new wave of sanctions imposed by the United States on October 23, targeting both Lukoil and fellow Russian oil major Rosneft. US President Donald Trump remarked that “the time has come” for such measures.
The crackdown intensified further with a statement from the US Department of the Treasury on October 22, citing Russia’s “lack of serious commitment to a peace process” in Ukraine as justification for the sweeping sanctions. Treasury Secretary Scott Bessent added that the penalties were enacted because “Putin lied” about pursuing peace in the region.
The United Kingdom had already introduced its own sanctions against Lukoil and Rosneft on October 15, with the European Union later including Lukoil’s UAE-based subsidiary in its 19th sanctions package.
Previously, Russian leader Vladimir Putin has ruled out ending military operations in Ukraine despite new US sanctions, warning of a “stunning response” if Western countries supply long-range Tomahawk missiles capable of striking Russian territory.
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