Kremlin Calls for Respect of Lukoil's Global Interests Amid U.S. Sanctions

The Kremlin has emphasized the need for respecting the international interests of Russian oil major Lukoil. This statement follows Swiss commodity trader Gunvor retracting its proposal to acquire Lukoil's foreign assets.

The withdrawal by Gunvor comes on the heels of the U.S. Treasury labeling it a 'puppet' of Russia and expressing objections to the deal. Kremlin spokesman Dmitry Peskov characterized the matter as a commercial one, implicating the impact of illegal U.S. sanctions on Moscow. He insisted on the importance of protecting Lukoil's global interests.

Peskov remarked, 'We believe that all legitimate interests of a major international company, including a Russian one like Lukoil, in terms of international trade and economic relations, must be respected.' Lukoil had been compelled to divest its foreign assets following U.S. sanctions imposed alongside those on Rosneft, aiming to leverage Russia into negotiations over the conflict in Ukraine. Lukoil holds operations in several countries, including Iraq, Finland, and Switzerland, in addition to significant assets in post-Soviet nations like Kazakhstan, Uzbekistan, and Azerbaijan.