“Due to the introduction of restrictive measures against the company and its subsidiaries by certain states, the company announces its intention to sell its international assets,” stated Lukoil, adding that the bidding process has already commenced.
The sanctions involve the freezing of all assets of Rosneft and its counterpart Lukoil in the United States and prohibit all American companies from conducting business with both, which represent 55% of Russian oil production.
Rosneft and Lukoil have also been added to the SDN list of sanctioned entities, a register followed by many countries and feared in the business world.
Following the cancellation of the Russian-American summit in Budapest, due to Moscow’s refusal to accept a ceasefire in Ukraine, U.S. President Donald Trump last week approved sanctions against Lukoil and Rosneft.
Russian President Vladimir Putin described them as a “hostile act” but denied that they have a significant impact on the economy, to which Trump replied, “We’ll see in six months.”
The media indicated that China and India will suspend imports of Russian oil for fear of secondary sanctions, and the Russian Central Bank has already reduced growth forecasts for the last quarter of the year.
The Russian government warned Donald Trump on Sunday that Russia always finds a way to adapt to Western economic restrictions following the approval of the first anti-Russian sanctions of his second term.
Moscow “always finds a way” to adapt to sanctions that seek to “bring Russia to its knees,” said Russian Deputy Prime Minister Alexey Overchuk to the Russian press from Kuala Lumpur.
Overchuk, who leads the Russian delegation at the summit of leaders of the Association of Southeast Asian Nations (ASEAN), warned that “with Russia, you cannot speak the language of threats, of sanctions.”
“For some reason, they always try to bring us to our knees, but they don’t learn that they never have succeeded and never will,” he asserted.
Ukraine has been receiving financial and military aid from Western allies since Russia invaded the country on February 24, 2022.
Kyiv’s allies have also imposed sanctions on key sectors of the Russian economy to try to diminish Moscow’s ability to finance the war effort in Ukraine.
