Romania moves to take control of Lukoil assets before U.S. sanctions take effect
Romania is preparing to take control of the local operations of Russia’s Lukoil to safeguard its energy sector and comply with upcoming U.S. sanctions, Energy Minister Bogdan Ivan announced on November 12.
Lukoil, one of Russia’s largest oil producers, operates around 320 gas stations across Romania and manages the Petrotel refinery, which supplies roughly a quarter of the country’s fuel needs. The company also holds exploration rights in part of the Black Sea, making it a key player in Romania’s energy market, News.Az reports, citing foreign media.
The U.S. sanctions, set to take effect on November 21, target Lukoil and Rosneft for their links to Moscow’s war in Ukraine. Ivan said Romania will not seek any extension to the deadline and fully supports enforcing the measures at the European Union level.
“I will support fully applying sanctions initiated by the United States at the level of the entire European Union,” he stated, adding that his ministry is drafting legislation to ensure the Petrotel refinery remains operational and the national fuel supply stable while meeting sanction requirements.
The Romanian government has yet to specify which of Lukoil’s assets will be brought under state control or outline the legal framework for the transition. However, officials emphasize that the move is designed to maintain energy stability and uphold commitments to Western allies.
Lukoil and Rosneft remain central to Russia’s economy, with oil exports serving as a crucial source of funding for the Kremlin. Ukraine has repeatedly urged its partners to tighten sanctions on Russia’s energy sector, arguing that cutting off oil revenues would weaken Moscow’s ability to sustain its war.
Similar news
