Lukoil to sell foreign assets to Carlyle, US must approve deal

Lukoil, Russia's second-largest oil producer, has agreed to sell most of its foreign assets to the American investment group Carlyle Group. Analysts estimate the value of these assets at approximately $22 billion.

The transaction includes the sale of the subsidiary Lukoil International GmbH, which manages the international portfolio. The deal is still awaiting approval by the US Office of Foreign Assets Control (OFAC). Assets in Kazakhstan are not included in the sale.

The US Treasury Department has already blocked two previous attempts by Lukoil to conclude similar agreements and has set a deadline for the sale of February 28.

The US sanctions against Lukoil were introduced in October 2025 in response to insufficient progress in peace talks between Russia and Ukraine.

Carlyle emphasizes that it wants to ensure continuity of operations, preserve jobs, and stabilize assets through its international capabilities. The outcome of this transaction could be key to the future development of US sanctions policy.

(reuters, pir)