Russia’s Lukoil PJSC has begun cutting its workforce across its global oil trading operations, coming just days before US sanctions on the Moscow-based energy group take effect, according to Bloomberg.
Employees in Geneva, Dubai and Singapore have received termination offers and begun signing agreements, Bloomberg cited people familiar with the matter. The people said trading activity is already being wound down in at least two locations.
The staff reductions mark one of the clearest indications yet of the impact of US sanctions, announced in October and set to be implemented on 21 November.
Employees at Litasco, Lukoil’s international trading arm, which operates in multiple regions including Europe and US, have begun signing mutually agreed termination contracts, according to the report.
In Dubai, Alghaf Marine DMCC, the successor to Litasco’s Middle East unit, is reportedly also eliminating roles. Staff at LMT Energy Asia Pacific, Litasco’s Asian division, were offered buyouts on 13 November.
According to Reuters, Gunvor withdrew its proposal to buy foreign assets of Lukoil after the US Treasury described it as Russia’s “puppet”.
On 30 October, Lukoil announced it accepted an offer from Swiss commodity trader Gunvor to purchase Lukoil International GmbH, its wholly-owned subsidiary, which owns the group’s international assets.
At the time, Lukoil agreed not to negotiate with other potential buyers.
Related: Russian oil company Lukoil to sell international assets to Gunvor following US sanctions
Related: Russian oil company Lukoil to sell international assets following US sanctions
Photo credit: Andy Wang on Unsplash
Published: 17 November, 2025
