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US Clears Path for Lukoil Asset Sale Amid Sanctions
15 Nov
Summary
- US allows companies to negotiate Lukoil asset purchase
- Carlyle emerges as potential bidder for Lukoil's overseas assets
- US to block any deal unless Lukoil is permanently severed from international business
In the lead-up to the implementation of sanctions on Russia's second-largest oil producer Lukoil, the US government has taken steps to facilitate the sale of the company's international assets. On November 15, 2025, the US Treasury Department issued a license allowing companies interested in acquiring Lukoil's overseas operations to negotiate with the Russian firm until December 13.
This move comes after the Treasury blocked a previous plan by Gunvor, a Swiss commodity trader, to purchase Lukoil's international business, describing the company as a "Kremlin puppet." Now, the US private equity group Carlyle has emerged as a potential bidder for Lukoil's global assets, although it has yet to begin due diligence on the company's oilfields, refineries, and petrol stations.
However, the Treasury is expected to block any deal unless it permanently severs Lukoil from its international operations and ensures that any funds from the transaction are placed in a blocked account that can only be accessed by the Russian company after US sanctions are lifted. Lukoil had unveiled plans to sell its overseas assets just days after the Trump administration imposed sanctions on the company and Rosneft, Russia's largest oil producer, as part of efforts to pressure President Vladimir Putin into agreeing to an immediate ceasefire in Ukraine.
