Lukoil, Russia's second-largest oil producer, has announced its intention to sell international assets due to newly imposed Western sanctions related to the Ukraine conflict. This decision marks a significant response by a Russian company to the increasing pressure from the U.S. and U.K. aimed at curbing Kremlin revenue from oil exports.

Russia's energy giant Lukoil plans to divest its international assets due to stringent U.S. sanctions imposed in response to the ongoing war in Ukraine. The sanctions are expected to significantly impact Lukoil's revenues and operations, as it is forced to comply with a deadline to wind down its foreign businesses or face penalties. Meanwhile, some European nations, including Hungary, are seeking exemptions to continue their energy dealings with Russia.