Russian oil company Lukoil has announced that it will sell its overseas assets after being hit with US sanctions over the war in Ukraine. “Owing to the introduction of restrictive measures against the company and its subsidiaries by some states, the company announces its intention to sell its international assets” (Lukoil press release, 28/10/2025).
- In October 2025, US sanctions were announced targeting Russia’s two largest oil companies, Rosneft and Lukoil (KEI, 24/10/2025).
Lukoil is one of the most internationally diversified Russian oil companies, with upstream operations in Kazakhstan, Uzbekistan, and Azerbaijan, Iraq, Cameroon, Nigeria, Ghana, and other countries. Additionally, “the company sells products via its own wholesale and retail distribution channels, including a developed filling station network in 19 countries, bunkering infrastructure, and air refueling complexes”, according to the company’s website.