U.S. Treasury Rejects Bid for Lukoil’s International Assets

The U.S. Treasury Department has turned down a proposal from a consortium led by Xtellus Partners to acquire the foreign assets of Russia’s Lukoil, according to a report by Reuters citing unnamed sources. These assets, estimated to be worth approximately $22 billion, were made available following U.S. sanctions on Lukoil and Rosneft. Initially, Swiss commodity giant Gunvor, which faced criticism from former President Trump as a Russian ‘puppet,’ expressed interest. Other potential buyers included Chevron, Exxon, Hungarian MOL, and the Emirati International Holding Company.

Over the past month, Brent Crude has experienced a decline of 5.50%. The current 1-day technical analysis signal for Brent Crude is Sell, indicating potential bearish sentiment in the market. Investors can explore more updates, prices, and analysis across global markets at Commodities.