Russian oil giant Lukoil announced Tuesday that it will sell its international assets after US President Donald Trump imposed new sanctions aimed at pressuring Moscow to agree to a ceasefire in Ukraine.

In a statement, the company said it has begun talks with potential buyers and will complete the sales under a grace period allowing transactions until 21 November.

Lukoil added that it may seek an extension if more time is needed to finalize the deals.

The company holds oil and gas interests in 11 countries, including refineries in Bulgaria and Romania, and a 45% stake in a Dutch refinery.

The sanctions, announced on 22 October, target Lukoil and Rosneft, Russia’s two largest oil producers, which account for about half of the nation’s oil exports. The US Treasury said the restrictions are designed to cut off key revenue sources funding Russia’s war in Ukraine.

Treasury Secretary Scott Bessent urged Moscow to “immediately agree to a ceasefire,” saying that oil and gas revenues remain central to sustaining the Kremlin’s military operations.

The sanctions prevent US entities from doing business with the two companies and threaten secondary sanctions on foreign banks that process their transactions — a move expected to isolate them from global markets.