Lukoil to sell international assets amid Western sanctions
Published on: Oct 30, 2025
Russian oil giant says it has begun considering bids from potential buyers.
Russia’s Lukoil, the country’s second-largest oil producer, announced on Monday that it plans to sell its international assets in response to new Western sanctions imposed over the war in Ukraine.
The company described the move as the most significant action yet by a Russian firm following the latest sanctions from the United States and its allies. The decision underscores the mounting economic pressure facing Russian energy companies since the start of the conflict in February 2022.
Lukoil stated that the sale would be conducted under an OFAC wind-down license and added that it may apply for an extension to ensure uninterrupted operations during the transition. The company also confirmed that it has started reviewing bids from potential purchasers.
On October 22, U.S. President Donald Trump imposed new Ukraine-related sanctions on major Russian oil companies Lukoil and Rosneft. A week earlier, on October 15, the United Kingdom had also targeted the two firms, along with 44 vessels from Russia’s so-called “shadow fleet,” as part of a broader effort to tighten restrictions on Moscow’s energy exports and cut off state revenue streams.
Headquartered in Moscow, Lukoil produces about 2% of global oil output. The company’s name comes from three towns in western Siberia, Langepas, Urai, and Kogalym, where it began its oil exploration operations.
