Russian oil company Lukoil to sell international assets following US sanctions

Russian oil company Lukoil on Monday (27 October) said it is selling its international assets following new sanctions imposed by the US recently. 

The company, in a statement, said the consideration of bids from potential buyers has been started. 

“The sale of the assets is conducted under OFAC wind down license. If necessary, the company plans to apply for extension of the license to ensure uninterrupted operations of its international assets,” the company added. 

On 22 October, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced new sanctions on Rosneft and Lukoil, Russia’s two biggest oil companies. 

“Today’s actions increase pressure on Russia’s energy sector and degrade the Kremlin’s ability to raise revenue for its war machine and support its weakened economy,” OFAC said. 

Rosneft is a vertically integrated energy company specialising in the exploration, extraction, production, refining, transport, and sale of petroleum, natural gas, and petroleum products. Lukoil engages in the exploration, production, refining, marketing, and distribution of oil and gas in Russia and internationally.

According to its website, Lukoil also supplies marine fuels and lubricants to Russian sea and river ports, has a bunker fleet, and has a wide network of representative offices across the world. 

Photo credit: Artem Shuba on Unsplash
Published: 29 October, 2025