The U.S. Treasury has rejected an offer from U.S. bank Xtellus to buy foreign assets of Russian oil firm Lukoil, three people familiar with the process told Reuters.

Xtellus had offered to organise a swap of Lukoil securities held by U.S. investors in a cashless deal to return them to Lukoil in exchange for the Russian company’s global assets.
Source: Reuters (Reporting by Jarrett Renshaw, David Gauthier-Villars and Anna Hirtenshtein, writing by Dmitry Zhdannikov; Editing by Tomasz Janowski)