Russian oil giant Lukoil plans to sell its international assets following the imposition of new restrictive measures against the company and its subsidiaries.

The move signals a major shift for one of Russia’s largest private oil producers, as Western sanctions continue to pressure the country’s energy sector.

Lukoil has begun reviewing bids from potential buyers for its assets, with the sale process being conducted under a US Office of Foreign Assets Control (OFAC) wind-down license, according to a company statement. The company added that it may seek an extension for the license, if necessary, to ensure uninterrupted operations of its international assets during the transition.

The decision comes after US President Donald Trump, on October 22, imposed sanctions targeting Lukoil and Rosneft amidst rising tensions over the Russia-Ukrain conflict. Additionally, the European Union (EU) approved its 19th sanctions package against Russia, which includes a ban on its liquefied natural gas (LNG) imports.