Russian oil giant Lukoil has decided to sell all its foreign businesses after new U.S. sanctions made it almost impossible for the company to operate outside Russia.

The company announced that it will sell its international arm, Lukoil International GmbH, to Gunvor Group, a major oil trading company based in Switzerland. The sale includes Lukoil’s refineries in Italy and the Netherlands, and oil and gas projects in Iraq, Uzbekistan, and West Africa.

The move follows recent U.S. sanctions against Lukoil and Rosneft, two of Russia’s biggest oil producers, as part of efforts to pressure Moscow over the ongoing war in Ukraine.

According to Lukoil, the sale is being carried out under a temporary license from the U.S. Office of Foreign Assets Control (OFAC), allowing business activities to continue until the deal is fully completed. Both Lukoil and Gunvor will still need to get final approval from regulators before the transaction can go through.

Gunvor, one of the world’s largest oil traders, was once partly owned by Gennady Timchenko, a businessman known to be close to Russian President Vladimir Putin. Timchenko sold his stake in 2014 after Western countries placed sanctions on him following Russia’s annexation of Crimea.

The sale shows how international sanctions are increasingly pushing Russian companies to pull back from global markets and focus their operations inside Russia.