The ongoing feud between America and Russia is not showing any sign of stopping. Its effect is also visible. The important thing is that the oil companies are suffering losses due to the fight between President Vladimir Putin and President Donald Trump. Russia’s second largest oil company Lukoil has said that it will sell its international assets. Lukoil has taken this strong step.

According to a Reuters report, Lukoil said, “The assets OFAC Being sold under wind down license. If necessary, the company may consider expanding the license application to operate its international assets without any disruption.

Trump had banned two big oil companies of Russia

Lukoil is Russia’s second largest oil producing company. After the Ukraine war that started in February 2022, America imposed many sanctions on Russia. Oil companies are incurring huge losses due to this. For this reason Lukoil has taken this step. Trump had banned Lukoil and Rosneft. These two companies produce 50 percent of Russia’s crude oil.

After US, Britain also took action

After America, Britain also took action against Lukoil and Rosneft. Britain had banned 44 shadow tankers on October 15. These were tankers whose ownership rights were not known. Britain said that this step has been taken to reduce Russia’s earnings from crude oil. America had also said the same thing while banning Lukoil. If we talk about Lukoil’s foreign assets, it has an oil well in Iraq. This is one of the largest oil fields in the world.

Indian Commerce Minister Piyush Goyal said that why western countries are pointing fingers only at India for purchasing Russian oil, while many countries of Europe themselves are demanding discounts on Russian oil from America. At the Berlin Global Dialogue, Piyush Goyal said that Germany is asking for exemption, whereas Britain has already got this exemption.

India’s Nayara Energy Company, controlled by Russia’s Rosneft, is among the two major Russian oil companies on which the US has imposed sanctions. He says that this will increase pressure on Moscow to stop military aggression in Ukraine.

Piyush Goyal raised the issue

Speaking at the Berlin Global Dialogue, Piyush Goyal asked why India was held responsible for new US sanctions on Rosneft and Lukoil, while Germany and Britain had sought exemption for their Rosneft subsidiaries. He said, ‘Britain has probably already got permission to buy oil from America.’

‘Why is India being targeted?’

Bryant said the issue was the recent sanctions imposed on Rosneft and that Britain has resolved its issues with Germany and the US will do the same. Goyal asked him then why only India is being targeted?

What answer did the British minister give?

The UK Trade Minister responded that the German case related to a specific subsidiary of Rosneft. When Piyush Goyal told that Rosneft also has a subsidiary in India, Kyle said, come talk to us. My door is always open.

The US has imposed sanctions on Russian oil companies, Rosneft and Lukoil, to stop the war in Ukraine amid Donald Trump’s growing frustration with Russian President Vladimir Putin. Regarding which a very strong reaction has come from Russia.

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