Gas Stations Gone?
The major Russian oil producer Lukoil announced that it will sell its foreign assets. The news comes after the United States imposed sanctions last week due to the war in Ukraine. Besides Lukoil, the Russian oil producer Rosneft is also affected by this.
With these measures, US President Donald Trump wants to put pressure on Russia to end the war. Lukoil says it is selling its international assets due to “the introduction of restrictive measures against the company and its subsidiaries by some countries”. According to the company, the bidding process has already started. Lukoil has 75 gas stations in the Netherlands. These will therefore probably also be sold.
The United Kingdom had already imposed sanctions against Lukoil, Rosneft and 44 so-called shadow fleet tankers, mainly old tankers whose owner was unknown. These types of ships are used to circumvent oil sanctions. Outgoing Prime Minister Dick Schoof recently said that he believes the European Union should copy the sanctions of the US and the United Kingdom against the oil companies to further increase pressure on Russian President Vladimir Putin.
The oil and gas sector accounts for about one-fifth of Russia’s GDP and is therefore crucial for financing the Russian war machine. Last week, the European Union adopted a sanctions package that bans LNG imports, restricts diplomats, and targets banks.