UPDATE 1-Russia's Lukoil accepts offer from Gunvor to buy its foreign assets

Russia's Lukoil, under pressure from U.S. sanctions, said on Thursday it had accepted an offer from Gunvor trading house to sell Lukoil International GmbH, which controls the oil major's foreign assets.

Lukoil said on Monday it would sell its international assets following sanctions over Ukraine announced last week by the United States. The planned sale of the assets is the most consequential action so far by a Russian company in the wake of Western sanctions over Russia's war in Ukraine, which started in February 2022.

"The key terms of the transaction were previously agreed upon by the parties. Lukoil, for its part, accepted the offer, agreeing not to negotiate with other potential buyers," Lukoil said about the Gunvor offer. Gunvor has confirmed it was in talks with Lukoil about the possible acquisition of Lukoil's foreign assets.