Litasco, the international oil trading and shipping firm owned by Russian oil company Lukoil, is looking to rebuild its business in the Americas by arranging credit lines and distancing itself from Russian oil trades and its parent, sources close to Litasco have told Reuters. Litasco and Lukoil have not been sanctioned by the United States as part of the wide-ranging sanctions on Russian energy companies. The U.S.
Banks, insurers, and other stakeholders in the oil trading business have been avoiding doing deals with Litasco anyway, for fear of future sanctions on the company or Lukoil, and for concerns about image as many players have sought to distance themselves from trading in Russian oil and petroleum products. Litasco is now looking to distance itself from its Russian parent Lukoil, the second-biggest oil producer in Russia after state-controlled Rosneft, one source told Reuters.
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