The war in Eastern Europe has caused many problems for both Ukrainian and Russian citizens. In this sense, Lukoil, the second largest oil company in Russia, asked Putin to end the conflict with Ukraine, breaking off its relations with the Russian government. In light of this, the company's board of directors said in a statement to shareholders, employees and customers that it was "demanding a more rapid end to the armed conflict".
The board also emphasized that the company expresses "sincere empathy for all victims affected by this tragedy" and which "strongly supports a lasting ceasefire and the solution of the problems through serious negotiations and diplomacy".
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Lukoil has operations in several countries around the globe, being the second largest oil company in Russia, behind only the state-owned Rosneft. However, due to the conflict generated by Putin, the company has been suffering several challenges, as traders became afraid to buy Russian oil so as not to go against the sanctions of the European Union, although these do not directly target exports of fossil fuels, given that they also use this matter cousin.
Nevertheless, the company's shares listed in London lost, on average, 99% of their value after Russia's invasion of Ukraine. As a result, the oil company had to suspend trading its shares. It is also important to note that Lukoil has been fighting calls for a boycott of the United States, as there are 230 Lukoil gas stations owned by US franchisees. Most of these franchises are located in New York, New Jersey and Pennsylvania.
Russian billionaires Mikhail Fridman and Oleg Deripaska earlier this week chose to break with the Kremlin and called for an end to the war in a letter requesting that "bloodshed ended”. Fridman is also chairman of Alfa Bank, Russia's fourth-largest financial services company and its largest private bank. The institution was also affected by the economic blockade sanctions and was prevented from transacting with the US currency.
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