Russian oil major Lukoil announced on Thursday that it has accepted an acquisition proposal from commodity trader Gunvor Group for its international subsidiary. This marks a significant corporate asset sale following the U.S. sanctions imposed on the company last week.

Earlier in the week, Lukoil disclosed its intention to divest from its international operations after the U.S. government implemented measures that froze all assets of Lukoil and Rosneft within the United States and prohibited American firms from engaging in business with them.

In a statement, Lukoil mentioned that “the fundamental terms of the transaction have already been mutually agreed upon,” explaining that the sale was necessitated by “restrictive measures.”

The company confirmed that it has committed not to engage in negotiations with other prospective buyers.

This deal is still pending approval from U.S. regulatory bodies, including the Office of Foreign Assets Control (OFAC). The involved parties also plan to request an extension of existing OFAC licenses and seek additional permits in other jurisdictions to facilitate ongoing operations and banking services until the transaction is finalized.

Lukoil has maintained a strong international presence among Russian oil producers, with operations across the former Soviet states, the Middle East, and Africa.

Some analysts predict that the sale price may be discounted by as much as 70%, according to the pro-Kremlin newspaper Izvestia. Their experts estimate that Lukoil’s overseas assets could be valued around $10 billion, which means the company might receive as little as $3 billion from the sale.