Overview
- Lukoil said it has launched a tender to divest its international assets in response to newly imposed restrictions.
- The United States last week sanctioned Lukoil and Rosneft, froze their assets in the U.S., and barred American entities from doing business with them.
- Global firms were given roughly one month to sever ties or risk secondary sanctions that would cut access to U.S. banks, traders, shippers and insurers.
- Together Lukoil and Rosneft account for about 55% of Russia's oil output, raising supply concerns in places like Hungary that rely heavily on Russian crude.
- President Vladimir Putin called the measures serious but economically limited, as early signs included closures of two Teboil stations in Finland and a drop of more than 7% in Lukoil shares in Moscow.