"A major Russia n oil company has declared force majeure amid Washington's sanctions slapped on Lukoil and Rosneft last month. The revenues from both oil companies helps to fund Vladimir Putin's war in Ukraine and together both Rosneft and Lukoil account for almost half of Russia 's crude oil exports. Sources told Reuters that Lukoil suspended operations at the West Qurna-2 oil field in Iraq amid force majeure conditions, this means the company has been forced to abandon or alter their contract amid extenuating circumstances."
"Iraq has stopped all crude payments since the US President imposed sanctions on Russia, the White House is threatening secondary sanctions on foreign financial institutions who are associated with the two major Russia n oil companies. West Qurna-2 is one of the world's biggest oil fields which produces around 9% of Iraq's oil production and is Lukoil's most principal overseas assets."
US sanctions were imposed last month on Lukoil and Rosneft. Revenues from Lukoil and Rosneft help fund Vladimir Putin's war in Ukraine and together they account for almost half of Russia's crude oil exports. Lukoil declared force majeure and suspended operations at the West Qurna-2 oil field in Iraq. Iraq halted all crude payments after the US President imposed sanctions on Russia. The White House is threatening secondary sanctions on foreign financial institutions tied to the two companies. West Qurna-2 produces around 9% of Iraq's oil and is Lukoil's principal overseas asset.
Read at London Business News | Londonlovesbusiness.com
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