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The Russian oil company Lukoil has announced it is selling off its assets in Lithuania and Latvia, according to Interfax news agency.
Lukoil
Lukoil
© DELFI / Kiril Čachovskij

"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 It has already withdrawn from the petrol retail markets in Estonia and some other European countries.

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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