Russia’s Lukoil to sell international assets as Western sanctions tighten
Russia’s second-largest oil producer Lukoil has announced plans to sell its international assets following the latest round of U.S. and U.K. sanctions targeting the country’s energy sector.
The move marks one of the most significant corporate responses yet to Western sanctions imposed over Russia’s war in Ukraine, News.Az reports, citing Reuters.
In a statement Monday, Lukoil said the sale will be carried out under an OFAC wind-down license, adding that it may seek an extension “to ensure uninterrupted operations.” The company also confirmed it is considering bids from potential buyers.
“The sale of the assets is conducted under OFAC wind down license,” Lukoil said. “The company plans to apply for an extension if necessary.”
On October 22, U.S. President Donald Trump imposed sanctions on Lukoil and Rosneft, while the United Kingdom followed suit a week earlier, also blacklisting 44 “shadow fleet” tankers accused of helping Moscow bypass restrictions.
Headquartered in Moscow, Lukoil produces about 2% of the world’s oil output. The company’s name comes from the oil towns of Langepas, Urai, and Kogalym in western Siberia.
Lukoil’s largest international stake is in Iraq’s West Qurna 2 field, one of the world’s biggest oil sites, where it holds a 75% share and output of about 480,000 barrels per day.
Other major assets include:
Lukoil Neftohim Burgas refinery in Bulgaria — the largest in the Balkans
Petrotel refinery in Romania
Oil supply deals with Hungary, Slovakia, and Türkiye’s STAR refinery (owned by Azerbaijan’s SOCAR)
The company also holds stakes in fuel terminals and retail chains across Europe, as well as projects in Central Asia, Africa, and Latin America.
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