The Russian Federal Property Fund has launched a $708m (€712m) sale of American depositary shares (ADSs) in Lukoil, the oil company, as other equity offerings have been pulled due to market conditions.

Four out of the five initial public offerings scheduled to price in the US this week have been pulled as the Dow Jones Industrial Average lost more than 600 points in the first two days of the week and the Nasdaq fell another 4.2% on Tuesday.