Europe scrambles for U.S. licenses to keep Lukoil refineries running amid sanctions

Sanctions leave Lukoil’s future hanging in the balance. While Europe races to secure refinery operations, Gunvor’s failed bid deepens the uncertainty.

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2025 November 16 . 3:26 PM

1 min read

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Europe scrambles for U.S. licenses to keep Lukoil refineries running amid sanctions

Global oil markets face deeper challenges despite having reserves, according to expert Richard Bronze. Meanwhile, several European countries are seeking U.S. licenses to operate Lukoil refineries following sanctions. The fate of Lukoil's foreign assets remains uncertain, with Gunvor's bid to acquire them recently rejected.

Richard Bronze highlights that while global oil markets possess reserves, the sector grapples with profound challenges. The situation surrounding Lukoil's foreign assets underscores this complexity. After sanctions were imposed, several European countries have begun seeking U.S. licenses to operate Lukoil refineries. However, there's no public indication that countries have officially requested these licenses from the U.S. government. The U.S. has issued temporary general licenses for certain companies and transactions, such as for the German subsidiary of Rosneft, but no such requests or applications for Lukoil refineries have been made public.

A contentious battle continues over the control of Lukoil's foreign assets. Gunvor's attempt to acquire these assets was recently turned down, leaving the outcome uncertain.

Expert Richard Bronze warns of deeper challenges in global oil markets, even with reserves available. Several European countries are pursuing U.S. licenses to operate Lukoil refineries post-sanctions. The future of Lukoil's foreign assets remains in limbo after Gunvor's acquisition bid was rejected.