Lukoil to sell overseas assets after US sanctions tighten grip on Russia’s oil industry

Moscow-headquartered oil major Lukoil announced on Monday that it will start selling its international assets following sanctions imposed by the United States.

Lukoil, Russia’s second-largest oil producer, also said it has started considering bids from potential purchasers. The asset sales will be carried out under the wind-down license issued by the US OFAC (Office of Foreign Assets Control).