Key Russia Oil Producer Lukoil Calls for Peace in Ukraine
(Bloomberg) -- Lukoil PJSC, Russia's second-largest oil producer, has called for a “fast resolution of the military conflict” in Ukraine as the Russian invasion of its neighbor has entered its second week.
“We fully support its resolution through negotiations, by diplomatic means,” Lukoil said in a statement on its website. “The company is taking efforts to continue stable work in all countries and regions of its presence.”
The ruble plunged again on Thursday as Russia continued to suffer the economic fallout from its invasion, after its credit rating was slashed to junk on the back of a wave of sanctions imposed by the U.S., the European Union and others. Oil prices have skyrocketed, with Brent approaching $120 earlier Thursday as traders shun Russian oil.
While restrictions do not currently target Russian output, the situation increasingly amounts to an embargo in all but name. Buyers are refusing to take it, and tanker companies are unwilling to ship it.
The invasion has also prompted oil giants BP Plc and Shell Plc to make the historic decision to quit the country after decades of investment.
©2022 Bloomberg L.P.
With assistance from Bloomberg
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