Russia’s Lukoil tried to enter the grain trading market, but the project was thwarted by US sanctions

to work with grains last summer. However, the implementation of the plan became more difficult after the United States announced sanctions against Lukoil in October as part of a new package of measures aimed at ending Moscow’s war against Ukraine. The sanctions made the business unviable, as they complicated banking transactions and working with counterparties. As a result, Teruva was closed late last year before trading activities began, the sources noted. The sanctions against Lukoil increased pressure on the company on a global scale. It agreed to sell most of its international assets, while its trading arm Litasco cut staff and closed some operations, including in the Middle East. Lukoil and its subsidiaries have traditionally focused on oil, gas and petroleum products, so entering the agricultural sector would be an atypical move for the company. The Dubai-based Teruva was overseen by Chingiz Aliyev, the sources said, and Omar Dbab was named head of trading. In October, Dbab ...