Abesadze: Russian Lukoil indirectly controls over 50% of Lukoil Georgia, likely bringing it under US sanctions

Russian oil giant Lukoil indirectly controls more than 50 percent of Lukoil Georgia, meaning the Georgian subsidiary has also likely come under US sanctions, Irakli Abesadze, the founder of the Centre for Civic Participation, a non-governmental organisation, said on Thursday.

Abesadze added it would be important to see how the ruling Georgian Dream Government responds to the development.

“US sanctions directly target Russian Lukoil itself, as well as companies in which it holds more than 50 percent ownership, directly or indirectly. This means that Russian Lukoil indirectly controls over 50 percent of Lukoil Georgia, and therefore, it appears that the Georgian company has also been sanctioned by the United States. We must now see how the regime, which has shown consistent sympathy and support toward sanctioned Russians, will act,” Abesadze said.

Earlier this week, the United States imposed sanctions on two of Russia’s largest oil companies Rosneft and Lukoil.