U.S. sanctions are dismantling what remains of Lukoil's Litasco, once Russia's biggest oil trader and a rival to top Swiss houses and oil majors, five sources told Reuters.The measures, which also target
U.S. sanctions are dismantling what remains of Lukoil's Litasco, once Russia's biggest oil trader and a rival to top Swiss houses and oil majors, five sources told Reuters.
The measures, which also target state-owned Rosneft, took effect on Friday as Washington seeks to choke off Moscow’s ability to fund its war in Ukraine. They have thrown Lukoil’s global operations into limbo, from oilfields in the Middle East to fuel pumps and refineries across Europe.
Cut off from the global financial system, Litasco has dismissed most traders and operational staff, offering about three months' severance and bonuses, the sources said.
Oil trading requires billions of dollars in credit, now out of reach. A handful of employees will remain to handle administrative tasks.
Litasco and Lukoil did not immediately reply to a Reuters request for comment.
LITASCO SHUTS DOWN GLOBAL OFFICES
Crude oil traders and other staff are set to depart Litasco's Swiss headquarters in Geneva by the end of this week, according to three sources. The office is expected to be fully shut by the end of February, a fourth source said.
In the U.S. offices in Houston, most of the firm's 20-odd traders and operational personnel departed on
Content Original Link:
" target="_blank">
