"Lukoil" loses $10 billion: US sanctions paralyze company abroad – FT
Kyiv • UNN
Lukoil shares on the Moscow Exchange fell to 4,900 rubles, and the company's capitalization decreased by $9.6 billion after new US sanctions. This led to the blocking of sales of foreign assets and problems with operations in international markets.
Russian oil giant Lukoil is experiencing its sharpest decline in two and a half years: its shares on the Moscow Exchange have fallen to 4,900 rubles apiece, and its capitalization has decreased by $9.6 billion after new US sanctions imposed on October 23. This is reported by Financial Times, writes UNN.
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Investors fear that the company will suffer significant losses when trying to sell foreign assets.
Sanctions hit Lukoil: Russia loses its main oil asset in Iraq10.11.25, 15:55 • 4494 views
The sanctions have effectively paralyzed Lukoil's activities in international markets: Iraq does not transfer funds or accept oil from the company; the Teboil gas station network in Finland is out of fuel; Swiss Litasco cannot charter tankers or make payments; India and China refuse to buy oil.
The sale of foreign assets to Swiss Gunvor was blocked by the US Treasury Department, and Lukoil is now preparing for a possible loss of $16 billion in foreign property, the report says.