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flag Lukoil must sell its overseas assets by Nov. 21 due to U.S. sanctions over Russia’s war in Ukraine.

flag Russian oil company Lukoil has announced plans to sell its overseas assets due to U.S. sanctions linked to Russia’s war in Ukraine, operating under a wind-down license from the U.S. Treasury that requires it to cease international operations by November 21 or face penalties. flag The sanctions, imposed under Executive Order 14024, target Lukoil and Rosneft for funding Russia’s military efforts, freezing their U.S. assets and banning American firms from doing business with them. flag Foreign companies have one month to sever ties or risk secondary sanctions, including exclusion from U.S. financial and shipping systems. flag Lukoil is evaluating bids for its international holdings, which include refineries in Europe, oil projects in Iraq and Africa, and fuel retail networks, and may seek an extension to maintain operations during the transition.

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