Sanctions Sank Lukoil-Linked Grain Trader Before It Got Started

Lukoil PJSC attempted a surprise push into grains trading from Dubai last year, before the plan was quickly scuppered by US sanctions on the Russian oil giant, according to people familiar with the matter.

The effort involved the creation of a company called Teruva FZCO and hiring a couple of senior traders last summer for grains, said the people, who asked not to be identified because the information is private.

But the plan ran into difficulties after the US announced sanctions on Lukoil in October as part of a fresh bid to end Moscow’s war with Ukraine. That made the ...