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Lukoil is attempting to sell off its foreign assets ahead of the 21 November sanctions deadline
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The foreign assets of Russian oil major Lukoil are attracting potential bidders from Egypt to Kazakhstan as time runs out to clear deals before US authorities enforce sanctions.
The US has hit Lukoil, Russia’s second-biggest oil firm, with sanctions as part of its effort to bring Vladimir Putin to the table for peace talks over Ukraine. Washington has already blocked Lukoil’s attempt to sell foreign assets to trader Gunvor ahead of the 21 November sanctions deadline.
On the war front, top military commander Oleksandr Syrskyi said the Russian army overran three settlements in the southern Zaporizhzhia region and Ukrainian units are locked in “grueling battles” to repel the thrust.
This comes as Ukrainian forces pulled back from several positions in the southern Zaporizhzhia region amid heavy fighting and adverse weather.
Russia is taking advantage of the weather to advance in small groups, moving on foot or motorcycles, with the adverse weather preventing Ukrainian forces from deploying drones against them.
It comes as Ukraine’s government suspended its justice minister on Wednesday, amid an investigation into corruption in the energy sector.
A reparations loan based on immobilised Russian assets is the most effective option to fund Ukraine’s financing needs, EU Commission president Ursula von der Leyen has said.
EU member states have two other options, including using “headroom” in its budget to raise capital, or for an agreement among member states to raise capital by themselves, she said in a speech in European Parliament.
“Option three is to have a reparations loan based on immobilised Russian assets. We give a loan to Ukraine, that Ukraine pays back if Russia pays reparations,” she said.
“This is the most effective way to sustain Ukraine’s defence and its economy.”
Russian Foreign Minister Sergei Lavrov said in an interview published late on Wednesday that he hoped Washington would take no actions liable to escalate the Ukraine conflict.
Lavrov said U.S. President Donald Trump had long advocated dialogue with Russia, had sought to fully understand the Russian position on Ukraine and “demonstrated a commitment to finding a sustainable peaceful solution”.
Lavrov said Trump had acknowledged that one of the reasons behind Russia’s actions was the enlargement of the NATO alliance and the deployment of its infrastructure close to its border.
Europe, he said, was “sabotaging all peacemaking efforts and are rejecting direct contacts with Moscow. They introduce new sanctions which boomerang on their economies even further. They’re openly preparing for a new major European war against Russia.”
Lavrov’s comments were originally part of an interview with Italian daily Corriere della Sera. Tass said the Italian daily had declined to publish the interview.
Ukraine’s justice and energy ministers submitted their resignations amid a high profile corruption scandal.
Anti-corruption watchdogs, which president Zelensky had tried to weaken earlier this year, revealed the findings of a 15-month investigation, resulting in the detention of five people, and another seven linked to about $100m in kickbacks in the energy sector.
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The foreign assets of Russian oil major Lukoil are attracting potential bidders from Egypt to Kazakhstan as time runs out to clear deals before US authorities enforce sanctions.
The US has hit Lukoil with sanctions as part of its effort to bring the Kremlin to peace talks over Ukraine, and has already blocked Lukoil’s attempt to sell foreign assets to trader Gunvor ahead of the 21 November sanctions deadline.
The sanctions have also already disrupted Lukoil’s operations in Iraq, at pump stations in Finland and a refinery in Bulgaria.
As its empire creaks, governments and partners are hoping to snap up its foreign assets on the cheap.
Washington late last month hit Rosneft and Lukoil, Russia’s two biggest oil companies, with sanctions in a move underlining Washington’s intent to squeeze Russia financially and force it towards a peace deal that would end the war on Ukraine.
Not a word of what the Russian defence ministry says is credible. Its claims that Russian troops have surrounded Ukrainian forces in Pokrovsk, Kostyantynivka and Kupiansk, in eastern Ukraine, are agitprop.
But Volodymyr Zelensky’s statement from the front line that his country’s fighters are “under pressure” is something of an understatement.
Ukraine’s top military commander, Oleksandr Syrskyi, told the New York Post that Russia was concentrating some 150,000 troops on a drive to capture the town, which is much prized by Russia.
Dozens, perhaps hundreds, of Russian troops may have already successfully infiltrated the three tactically important towns.
Kupiansk is on Russia’s route towards Kharkiv. The other two control the eastern and southern routes to the last remaining Ukrainian redoubts in Donetsk – Kramatorsk and Slaviansk.
Vladimir Putin has thrown a massive effort into the fight for Donetsk, which Moscow has already illegally “annexed”.
The Russian army overran three settlements in the southern Zaporizhzhia region of Ukraine, Kyiv’s top military commander said in the latest battlefield update yesterday, as Moscow’s forces expand their efforts to capture more Ukrainian territory.
Dense fog enabled Russian troops to infiltrate Ukrainian positions in Zaporizhzhia, Gen. Oleksandr Syrskyi wrote on the messaging app Telegram, adding that Ukrainian units are locked in “grueling battles” to repel the Russian thrust.
He noted, however, that the fiercest battles are still in the besieged Ukrainian city of Pokrovsk, in the eastern Donetsk region, where close to half of all front-line clashes took place over the previous 24 hours.
The cities of Kupiansk and Lyman in Ukraine’s northeastern Kharkiv region have also recently witnessed an uptick in combat.
Russia’s air defence units destroyed and intercepted 130 Ukrainian drones overnight over Russian regions, the country’s defence ministry said in an early morning update.
Of these, at least one drone targeted Moscow and seven targeted Crimea, the defence ministry said.
Russia does not disclose the total number of drones used in attacks to target its various cities.
The Kremlin said there had been contact between Britain’s national security adviser, Jonathan Powell, and Kremlin foreign policy aide Yuri Ushakov but that the dialogue did not work out.
The Financial Times reported that Powell had tried to open up a back channel to the Kremlin because Britain and its European allies feared the administration of US president Donald Trump could sideline their interests over Ukraine.
Kremlin spokesperson Dmitry Peskov said that Britain had shown no desire to listen to Russia’s position on the Ukraine conflict.
“There were indeed contacts,” Peskov said. “A dialogue took place, but it did not continue.”
He did not say when the conversation took place.
“During this contact there was an acute desire of the interlocutor to talk about the position of the Europeans and there was a lack of any intention or desire to listen to our position,” Peskov said.
“Given the impossibility of exchanging views, the mutual dialogue has not developed,” he said.
Two Ukrainian ministers have resigned from their positions in the Kyiv government after a £76m energy sector corruption scandal linked to a key ally of president Volodymyr Zelensky broke out.
Justice minister German Galushchenko and the energy minister Svitlana Hrynchuk quit yesterday after Mr Zelensky called for their dismissal.
The president said that he supported anti-graft agencies in their investigation into energy sector corruption.
“First of all, there should be maximum transparency in the energy sector, in all processes absolutely,” Zelensky said in a video address. “It is very difficult for everyone in Ukraine now. It is absolutely abnormal that there are still some schemes in the energy sector,” he said.
Justice minister Galushchenko earlier said on Facebook he supported his suspension as “a civilised and appropriate scenario” and vowed to defend himself, without sharing more details of the probe.
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