Lukoil's US Arm Turns to Smaller Banks Amid Sanctions Disruptions

Lukoil North America, the US arm of Lukoil PJSC, is turning to two small New Jersey banks, OceanFirst Bank and Parke Bancorp, for financial transactions after losing financing due to US sanctions. The company previously relied on Citibank and BCB Bancorp but those relationships ended after the sanctions were imposed. The banks are now in talks with the Office of Foreign Assets Control to meet requirements for electronic payments between Lukoil and its gas station owners.