Frankfurt | Russian oil major Lukoil says it is selling its international assets in response to sanctions imposed by US President Donald Trump that aim to push Russia to agree to a ceasefire in its war against Ukraine.

The company said in a statement that it was already talking with potential purchasers. The transactions would be carried out under a sanctions grace period that allows transactions with Lukoil until November 21, and the company said it would seek an extension if necessary to complete the transactions.

Lukoil has stakes in oil and gas projects in 11 countries. It has refineries in Bulgaria and Romania and a 45 per cent stake in a refinery in the Netherlands.

Trump on October 22 announced new sanctions against Lukoil and Rosneft, Russia's two biggest oil companies accounting for roughly half of the country's oil exports. Oil and gas revenues are a major source of government revenues in Russia. Treasury Secretary Scott Bessent called on Russia to immediately agree to a cease-fire in Ukraine.

The sanctions make it difficult for Lukoil and Rosneft to do business outside of Russia. In addition to barring US businesses from dealing with the two companies, the sanctions carry the threat of secondary sanctions on foreign banks that handle their transactions. That means any bank that wants to maintain contact with the dominant US financial system will think twice about doing business with them.

Rosneft has a stake in a refinery in Schwedt, Germany, but the German government has taken custody of the stake and the facility no longer sends revenue to the parent company.