The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced sanctions targeting Russia’s two largest oil companies, Rosneft and Lukoil (OFAC press release, 22/10/2025).
Additionally, OFAC designated several Russia-based subsidiaries of Rosneft and Lukoil, each owned 50% or more, directly or indirectly, by the parent companies.
- In October 2025, the British government also imposed sanctions on Rosneft and Lukoil, as well as on 44 tankers from the “shadow fleet” transporting Russian crude oil (KEI, 16/10/2025).
- Meanwhile, the European Union sanctioned Rosneft, the Russian state-owned oil company, but excluded Lukoil, which is privately owned, largely due to exemptions granted to Hungary and Slovakia, both of which continue to purchase Russian oil.
Rosneft and Lukoil together export 3.1 mb/d. Rosneft alone accounts for 6% of global oil production and nearly half of all Russian oil production, according to estimates from the UK government.