Lukoil CEO says Litasco sale on hold due to sanctions: Vedomosti

FILE PHOTO: Vagit Alekperov, Chief Executive Officer of Russia's oil producer Lukoil, attends a session during the Week of Russian Business, organized by the Russian Union of Industrialists and Entrepreneurs (RSPP), in Moscow, Russia March 16, 2017. REUTERS/Sergei Karpukhin

MOSCOW (Reuters) - Russia’s second biggest oil producer, Lukoil, has put on hold its plans to sell trading arm Litasco due to sanctions, Lukoil Chief Executive Officer Vagit Alekperov was cited by business daily Vedomosti as saying.

The company will also have to drop plans to work in Iran if sanctions are imposed on the country, Alekperov said an interview.

Reporting by Olesya Astakhova and Vladimir Soldatkin; Writing by Maria Kiselyova; Editing by Sunil Nair