Russian Lukoil Group announced on October 27 the sale of assets abroad.
"Due to the limited measures imposed by some countries on companies and subsidiaries, the company stated its intention to sell its international assets," Lukoil said in a statement.
Lukoil added that the bidding process has begun.
Last week, US President Donald Trump imposed the first package of significant sanctions on Russia, targeting the two leading oil and gas companies, Lukoil and Rosneft, after expressing his disappointment that the Russia-Ukraine conflict has not ended.
Just before imposing the sanctions, President Trump canceled a scheduled summit with Russian President Vladimir Putin.
The sanctions will freeze all assets of Rosneft and Lukoil in the US as well as ban US businesses from doing business with these entities.
Rosneft and Lukoil, which account for 55% of Russia's oil production, were also included in the list of individuals, organizations and countries subject to USSDN sanctions. SDN is a list monitored by many countries and causing concern in the business world.
Washington has given businesses that are collaborating with Russian entities a month to cut off relations, or face secondary sanctions. If subject to secondary sanctions, businesses will be banned from accessing US banks, transport companies and insurance companies.
