MOSCOW, October 22 (RIA Novosti) - Russia's largest independent crude producer LUKoil [RTS: LKOH] said on Monday that possible U.S. sanctions against Iran could threaten the company's Anaran oil project in the Islamic Republic.

The Anaran project is a joint undertaking involving Norwegian Norsk Hydro (75%) and LUKoil Overseas (25%). The Anaran oil block has oil reserves of 2 billion barrels.

LUKoil said that as its investments in the project exceed $20 million, the company could face difficulties, and that similar restrictions would affect other companies operating in Iran above this investment limit.

Iran has so far been subjected to two rounds of UN Security Council sanctions for its refusal to halt its nuclear program, which many countries suspect is geared toward weapons production. The United States intends to impose sanctions against international energy companies conducting business in Iran.