Russia’s Lukoil demands the end of the Ukrainian war as oil companies suffer losses

Lukoil, head of Russia’s second-largest oil company, called for an immediate suspension of combat in Ukraine on March 3.

Oil giants are the first major Russian companies to speak against Putin’s decision to invade neighboring countries.

Vagit Alekperov, founder and chairman of the Russian oil company Billionaire, has issued a press statement calling for an immediate end to hostilities amid rising pressure from sanctions and expressing concern over the spread of the conflict.

The Russian energy company “expresses concern about the ongoing tragedy in Ukraine and expresses deep sympathy for all those affected by this tragedy,” Alekperov said. “We support the immediate suspension of armed conflict and fully support its resolution through the negotiation process and diplomatic means.”

President Vladimir Putin is pushing ahead with his attack in Ukraine, which began last week, despite warnings about possible sanctions from Western countries and their allies that could affect Russia’s economy.

Extensive sanctions have caused the ruble to fall sharply, the Moscow Stock Exchange to be closed for several days, and Russia in the worst economic crisis of 20 years.

The crisis wiped out billions of dollars from Alekperov’s property and increased the number of oligarchs concerned about the economic consequences of the aggression, including part of Putin’s inner circle.

Many of Russia’s oligarchs are upset after assets have been seized or frozen by Western nations under new sanctions.

Alexandrov’s statement on the Ukrainian conflict follows comments from two of Russia’s strong oligarchs, Mikhail Fridman and Oleg Deripaska.

Friedman, Putin’s best friend and co-founder of Alfa Bank, one of the country’s largest private bankers, said the aggression was a “tragedy” for both Ukrainians and Russians, and “war is never the answer.” It must not be. “

“Negotiations must begin as soon as possible,” said Deripaska, founder of the aluminum giant Rusal, adding that “peace is a priority.”

Whitehall is considering acquiring real estate owned by the British oligarchs associated with the Kremlin to put pressure on the Russian government.

The French government said on March 3 that it had seized a superyacht owned by a company associated with Putin’s close ally, Igor Setin, chief executive officer of Russian energy giant Rosneft.

Meanwhile, Lukoil has thousands of gas stations operating around the world, including the United States.

In Newark, NJ, a resolution was passed on March 2 in solidarity with Ukraine to suspend the license of Lukoil Station.

Yuri Bitrenko, head of Naftgas, which runs Ukraine’s largest energy company, said anti-Russian sanctions should be tightened and its energy exports should be targeted directly.

Vitrenko said that Germany’s shutdown of the Nord Stream 2 pipeline is not enough.

Western nations “should make this very clear choice to get rid of Russia’s dependence on gas and oil,” and “believe in war with Russia” to prevent the spread of the war. Must be. ” Bitrenko told the BBC.

In Washington, Congress is discussing what to do if energy sanctions are imposed, and both parties have expressed broad support for Russia’s energy limits.

The International Energy Agency (IEA) announced on March 3 that the European Union plans to cut Russia’s imports by a third within a year, giving the European Union a new contract with Russia’s largest gas company, Gazprom. Requested not to sign a supply contract.

“No one has fallen into illusion anymore. The use of Russia’s natural gas resources as an economic and political weapon prepares Europe to face considerable uncertainty about Russia’s gas supply next winter. It shows that you need to act quickly in order to.

S & P estimates that international sanctions have halved the Kremlin’s available foreign exchange reserves, leaving very restricted access to the global financial structure of the banking system.

On March 2, rating agencies lowered Russia’s sovereign debt to a junk state with a “CCC-” rating, warning that the country may not be able to repay its debt.

Lukoil continues its efforts to “provide a reliable energy supply to consumers around the world” and claims to “strengthen peace, international and humanitarian relations.”

Brian Jung


Brian S. Jung is from New York City and is a resident with a background in the political and legal industry. He graduated from Binghamton University.