Lukoil, Russia’s second-largest oil company, has signed an agreement with the US investment firm Carlyle for the sale of LUKOIL International, which holds the company’s international assets. The transaction does not include Lukoil’s assets in Kazakhstan, which will remain under Lukoil’s ownership and continue operations under their respective licenses (Lukoil press release, 29/01/2026).
“The agreement signed is not exclusive for the Company and is subject to some conditions precedent such as procurement of necessary regulatory approvals including permission of the US Department of the Treasury's Office of Foreign Assets Control (OFAC) for the transaction with Carlyle”, the statement said.
The sale of Lukoil’s international assets comes in response to US sanctions imposed in October 2025. The US Treasury has given Lukoil a deadline of 28 February 2026 to divest its global portfolio.
Lukoil’s international assets span operations in Europe, the Middle East, Africa, Central Asia, and Mexico. The company is also continuing negotiations with other potential buyers, according to the press release.