MOSCOW, 28 October (H.S.): Russian oil major Lukoil announced late Monday its intention to sell its overseas assets, a direct response to a significant new package of sanctions imposed by the United States over the war in Ukraine.

According to a report, the move comes after President Donald Trump’s administration targeted Lukoil and fellow energy giant Rosneft.In a statement, Lukoil confirmed that owing to the introduction of restrictive measures… the company announces its intention to sell its international assets. The company added that a bidding process for these assets is already underway.

The sanctions, announced by President Trump last week, freeze all U.S. assets of both Lukoil and Rosneft and prohibit American companies from conducting business with them. The administration has given firms currently working with the Russian entities one month to sever ties or risk facing secondary sanctions.

These measures were implemented following President Trump’s expressed frustration with Moscow’s failure to halt its military offensive in Ukraine and led to the cancellation of a planned summit with Russian President Vladimir Putin.

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Hindusthan Samachar / Jun Sarkar