Lukoil seeks to sell international assets following US sanctions

Russian oil giant Lukoil is facing significant challenges following sanctions imposed by the US Office of Foreign Assets Control (OFAC) on October 22, 2025. These measures have complicated the company's ability to operate assets in jurisdictions reliant on Western financial infrastructure.

In response, Lukoil has announced intentions to sell its international assets. The group maintains a substantial global portfolio, with Lukoil International GmbH's external assets valued at approximately 1.7 trillion rubles (roughly $22 billion) in 2026. The company's international operations include projects in Azerbaijan, Kazakhstan, Uzbekistan, Iraq, Egypt, Cameroon, Nigeria, Ghana, Mexico, the United Arab Emirates, and the Republic of Congo, as well as assets in Romania.

Unlike its primary competitors, Lukoil is not directly state-owned, with approximately 55% of its shares in free circulation. The company accounts for about 15% of Russia's oil production, having produced 74.9 million tons in 2025.