Oil prices surge to $113 a barrel as Lukoil oil break ranks – Immediate cessation!’ | City & Business | Finance

Lukoil, led by billionaire Vagit Alekperov, called for an “immediate cessation” to the fighting.

In a statement, the company said it would support negotiation and a diplomatic resolution to the conflict.

They said: “We stand for the immediate cessation of the armed conflict and fully support its resolution through the negotiation process and through diplomatic means.”

It is the first statement of its kind from a major company inside Russia and reflects a growing sense of disenchantment amongst Russian oligarchs previously supportive of Vladimir Putin.

Mr Alekperov has seen billions wiped off his fortune during the crisis.

Lukoil shares had fallen sharply before trading was suspended indefinitely in Moscow on Monday.

The company runs thousands of petrol stations across the United States.

However, on Wednesday, Newark in New Jersey passed a resolution suspending the business licence for Lukoil sites following the invasion

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Russian oligarchs have been criticising the invasion as many of them have had their assets frozen in the West.

Ratings agency S&P lowered Russia’s sovereign debt deeper into junk territory on Wednesday, with a ‘CCC-‘ rating and a warning that the country will be unable to pay its debts.

It comes as US crude oil has surged to a high of $111 a barrel on Friday morning.

Brent crude went even higher reaching a high of $113.

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