MOSCOW – Russia’s largest private oil producer Lukoil announced this week that it was selling its network of gas stations across the Czech Republic, Slovakia and Hungary as it continues to slim down assets in Central Europe.

According to news reports, Lukoil said in a brief statement that it was selling its network of 44 filling stations in the Czech Republic to Slovnaft, the Slovak subsidiary of Hungary's MOL Group. The company’s 75 stations in Hungary and 19 in Slovakia would both be purchased by Hungary's Norm Benzinkut Kft.

"The decision to sell the assets was taken as part of the effort to optimize Lukoil’s business in petroleum product marketing," the statement said.

While Lukoil has said they are selling off the assets in order to better focus on their Russia-based projects, many analysts believe the company is selling off European assets to minimize risks associated with EU and U.S. sanctions against Russia.