Lukoil to divest international assets due to sanctions

The Russian oil company "Lukoil" announced today its intention to divest itself of its international assets, justifying the decision with the restrictive measures imposed against the company and its subsidiaries by a number of countries. The announcement, which reveals these intentions, has been published on the official website of the concern.

Based on the information provided, offers from potential buyers are already being considered. This process represents a key stage in the company's strategy to adapt to the changing geopolitical situation.

The sale of assets is carried out in accordance with a license to cease operations issued by the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury. The company expresses its willingness to apply for an extension of the license, if necessary, to ensure the continuous operation of its international assets.

Recalling the context, the sanctions imposed by the United States against the two largest Russian oil companies, including "Lukoil", were undertaken last week. This decision is directly related to the ongoing war in Ukraine, which underlines the growing international tension and the consequences of the conflict.

The Minister of Justice in a European Union country, Georgi Georgiev, pointed out that the refinery in the city of Burgas and several other subsidiaries, which represent "Lukoil" in Bulgaria, meet the criteria for sanctions. He added that the new restrictive measures against the company will come into force within a month.

Meanwhile, the national parliament in a European Union country made a decision on October 24, which regulates the process of selling the Russian company's assets on the territory of the country. In accordance with this decision, the sale will be possible only after approval by the Council of Ministers and a positive opinion from the State Agency "National Security". This decision underlines the importance of national security and the need for careful consideration of all financial transactions related to Russian companies in the current situation. The adoption of an amendment to the Investment Promotion Act is key to the implementation of these changes.