LONDON – The oil trading business of Russia’s Lukoil PJSC began shedding staff all over the world – with just days to go until sanctions on the Moscow-based energy giant are due to kick in.
In Geneva, Dubai and Singapore, staff have received termination offers and are starting to sign agreements, according to people familiar with the matter. Operations are starting to wind down in at least two locations, the people said.
The decision to shed staff is one of the most visible effects so far of
US sanctions on Lukoil,
which were announced last month with a brief window before they enter into force on Nov 21. The company’s international trading arm, Litasco, handled about 1.2 million barrels a day of crude in 2024 – roughly the same as Turkey consumes.
