The company said in a statement that it was already talking with potential purchasers

AP Frankfurt

Russian oil company Lukoil says it is selling its international assets in response to sanctions imposed by US President Donald Trump that aim to push Russia to agree to a ceasefire in its war against Ukraine.

The company said in a statement that it was already talking with potential purchasers. The transactions would be carried out under a sanctions grace period that allows transactions with Lukoil until Nov. 21, and the company said it would seek an extension if necessary to complete the transactions. 

Lukoil has stakes in oil and gas projects in 11 countries. It has refineries in Bulgaria and Romania and a 45% stake in a refinery in the Netherlands, as well as gas stations in a number of countries. 

Trump on Oct. 22 announced new sanctions against Lukoil and Rosneft, Russia's two biggest oil companies accounting for roughly half of the country's oil exports. Oil and gas revenues are a major source of government revenues in Russia. Treasury Secretary Scott Bessent called on Russia to immediately agree to a ceasefire in Ukraine.

The sanctions make it difficult for Lukoil and Rosneft to do business outside of Russia. In addition to barring US businesses from dealing with the two companies, the sanctions carry the threat of secondary sanctions on foreign banks that handle their transactions. That means any bank that wants to maintain contact with the dominant US financial system will think twice about doing business with them.