Russian energy giant Lukoil agreed to sell most of its foreign assets to the American investment firm Carlyle, Lukoil's press service announced on Jan. 29. The U.S. sanctioned Lukoil and another Russian energy company, Rosneft, in October, freezing Lukoil's U.S.-based assets and threatening secondary penalties for foreign entities engaging with them. The deal's value has not been disclosed, though the estimated value of Lukoil's international assets is up to $22 billion. Lukoil is Russia's second-largest oil producer and one of the country's largest companies, accounting for 2% of global oil output. Swiss-based oil trader Gunvor initially sought the purchase of the company's foreign assets, but withdrew its bid in November after the U.S. Treasury Department described the trader as the "Kremlin's puppet."