Photo caption: Russian oil major Lukoil logo
Russian oil major Lukoil PJSC (MCX: LKOH) has announced plans to sell all of its international assets following the imposition of new restrictive measures by several states, initiating a formal process to receive bids from potential buyers.
The company stated that the asset sale is being carried out under a U.S. Office of Foreign Assets Control (OFAC) wind-down license, allowing operations to continue temporarily while transactions are completed. Lukoil added that it may seek an extension of the license to maintain business continuity during the divestment process.
Lukoil, one of Russia’s largest private oil producers, has faced escalating restrictions on its global operations since the onset of Western sanctions following Russia’s invasion of Ukraine. The company holds a range of international upstream and downstream assets across Europe, the Middle East, and Africa, including refineries in Italy and the Netherlands, and upstream stakes in Iraq, Uzbekistan, and West Africa.
The decision marks one of the most significant moves by a Russian energy company to withdraw from foreign holdings under tightening sanctions regimes. It underscores the growing challenges for Russian firms to sustain international operations amid financial and logistical isolation from Western markets.
=== Oilprice.com ===
