Russian oil company Lukoil pulls out of Baltics citing “anti-Russian sentiment”

“Right now our assets are for sale in Lithuania and Latvia, where there is fairly serious anti-Russian sentiment. The board of directors has therefore decided to pull out of these countries,” Lukoil president Vagit Alekperov told the Russian TV station Russia-24.

Lukoil, which is Russia’s second-biggest oil producer, operates a network of 109 petrol stations in Lithuania. It has already withdrawn from the petrol retail markets in Estonia and some other European countries.

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Lukoil Baltija, the Baltic branch of the company, earned €632.8 million of audited revenue last year, a 13.1% drop from the year before. Its net profit contracted by 3.3%, to €3.331 million.

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