Lukoil races to sell foreign assets under tightening U.S. sanctions pressure
Russian energy firm Lukoil is in talks to sell its foreign assets after facing fresh U.S. sanctions. The company confirmed negotiations with several potential buyers, including major international traders and energy firms. The move follows a November deadline set by Washington to offload its overseas holdings.
On November 22, the U.S. imposed sanctions on Lukoil, giving the company a strict timeline to divest its foreign operations. The restrictions prompted Lukoil to seek buyers for its international subsidiaries. Among the interested parties is Geneva-based commodity trader Gunvor, which has reportedly expressed interest in acquiring all of Lukoil’s foreign activities.
Other names in the running include U.S. energy giant Chevron and investment firm Carlyle. Meanwhile, the U.S. extended its authorisation for transactions with Lukoil International GmbH until December 13, allowing limited business to continue during the transition.
Lukoil’s CEO, Egidijus Lazauskas, stated that adhering to U.S. and U.K. sanctions was essential for managing business risks. He added that compliance reflected the company’s core values. Separately, railway operator LTG Cargo confirmed it had granted a transitional period to fulfil existing contracts involving Lukoil cargo transit. The operator also clarified that none of its subsidiaries had direct ties with sanctioned companies.
U.S. President Donald Trump reiterated that the sanctions would remain in place. He described the measures as 'very powerful' and ruled out any possibility of lifting them.
Lukoil now faces a race against time to finalise the sale of its foreign assets before the U.S. deadline expires. The outcome will determine how the company restructures its global operations under ongoing sanctions. Potential buyers, including Gunvor, Chevron, and Carlyle, are expected to move quickly as the December 13 extension nears its end.
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