The Russian oil producer Lukoil has released its 2025 results, posting a net loss of RUB1,060bn (USD12.5bn) as US sanctions forced it to sell off its assets outside of Russia, compared to a net income of around RUB850bn (USD10.2bn) in 2024 (Lukoil press release, 19/03/2026). As a consequence, the company wrote off investments in its international business, resulting in impairment losses of RUB1,700bn (USD20.2bn). Lukoil’s revenue declined by 15% in 2025 to RUB3,768bn (USD44.8bn).
Lukoil’s international assets span operations in Europe, the Middle East, Africa, Central Asia, and Mexico. The company operates three refineries in Europe, holds interests in oil fields across Ghana, Egypt, Iraq, Kazakhstan, Mexico, Nigeria, and Uzbekistan, and manages hundreds of filling stations worldwide, including in the United States. Lukoil is the second largest oil producer in Russia, after Rosneft.