Russia's LUKoil oil company leaves central Europe

5 August 2014 08:47
(QHA) -

The LUKoil -- Russia's second-largest oil producer – is selling its filling stations in three central European nations.

LUKoil said in a statement it was selling its gas stations in the Czech Republic, Hungary and Slovakia as part of an "optimization" plan.

The decision came just days after Lukoil's chief executive, Vagit Alekperov, said the company will likely be forced to trim its investment program as a result of Western sanctions against Russia over the Ukraine crisis.

The European Union and the U.S. have so far refrained from imposing sanctions on LUKoil, but their latest rounds of sanctions shut Russia's state-owned banks out of Western capital markets, in turn limiting Russian companies' access to financing both at home and abroad.

LUKoil had earlier announced it is pulling out of Ukraine.