US Sanctions Paralyzed The Work Of Lukoil's Foreign Companies

Banks refuse to service transactions.

Lukoil, which has fallen under blocking U.S. sanctions, is experiencing problems with the operation of its foreign structures, sources familiar with the situation told Reuters.

The sources said Iraqi state-owned Somo canceled the shipment of three shipments of oil produced by Lukoil as part of its stake in the West Qurna-2 field, citing concerns over U.S. and British sanctions. "Lukoil holds a 75 percent stake in the 480,000 bpd field, with Iraq's North Oil Company owning the rest.

The sources said the shipments were scheduled to depart on November 11, 18 and 26.

Geneva-based Litasco, Lukoil's trading arm, is having difficulty chartering ships because British ship brokers are refusing to work with the company, Reuters sources said. Litasco has also cut staff because of sanctions, they said.

In Finland, where Lukoil owns the Teboil gas station chain, the Russian company has faced banks' refusal to service its operations. As a result, about a thousand employees and operators of Teboil gas stations may lose their jobs in the coming weeks.

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