Western Sanctions Delay LUKoil's Eurobond Placement

By Reuters

June 26, 2014

LUKoil has delayed a eurobond placement to autumn due to rising costs of funding stemming from West-imposed sanctions over Russia. Sergei Porter / Vedomosti

Russia's No.2 oil producer LUKoil has delayed a eurobond placement to autumn due to rising costs of funding stemming from West-imposed sanctions over Russia's actions in Ukraine, the company's head was quoted on Thursday as saying.

"The sanctions have been reflected on all the companies ... We have postponed eurobonds placement to autumn from spring as the banks, which were organizing the issue, recommended us to get back to it in the autumn," Vagit Alekperov told Vedomosti business daily in an interview.

Russian media outlets have reported that LUKoil was poised to issue $1.5 billion worth of eurobonds.

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