Lukoil Faces Force Majeure at Iraqi Oilfield Amid Western Sanctions

Lukoil has declared force majeure at Iraqs West Qurna-2 oilfield due to Western sanctions, impacting its operations amidst growing geopolitical tensions.

Lukoil, Russias second-largest oil company, declared force majeure at Iraqs West Qurna-2 oilfield after being affected by sanctions imposed by the United Kingdom and the United States last month.
Following the sanctions, Iraq has suspended all cash and crude payments to Lukoil, severely disrupting its petroleum operations in the region.
The sanctions stem from geopolitical issues, including Санкции в связи с украинскими событиями 2014 года, which have intensified the challenges faced by Russian entities like Lukoil.

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This situation underscores the growing impact of international sanctions on energy operations, particularly for companies like Lukoil in unstable regions like Iraq, potentially affecting global oil markets and geopolitical dynamics.