Media: US sanctions force Russia’s oil giant Lukoil to sell its distributor Litasko
Lukoil, the largest private oil company in Russia is studying the possibility of selling Litasco, its trading unit in Switzerland, because the new package of sanctions imposed by the US against Russia will make it more difficult to attract new funding, Reuters reported referring to informed sources.
“One of the reasons for the sale is sanctions. And the sale will also allow them to divert a large amount of working capital from trading to mining projects in Russia,” a high-ranking source in the industry told the agency. He noted that the sale of Litasco may occur by the end of this …read more