Lukoil seeks buyers for foreign assets amid sanctions

Russia’s second-largest oil producer, Lukoil, is in talks with potential buyers for its international assets following UK and US sanctions, after a planned deal with Swiss trader Gunvor collapsed.

The Moscow-headquartered company said the final deal will be announced once agreements are reached and regulatory approvals are obtained. Lukoil aims to maintain uninterrupted operations during the sale to prevent disruptions in energy supply and preserve jobs.

Last month, the U.S. Treasury’s Office of Foreign Assets Control imposed sanctions on Lukoil and Rosneft, tightening pressure on Moscow over its military campaign in Ukraine. A general license allows companies until November 21 to complete transactions involving Lukoil’s overseas assets. The previous agreement with Gunvor fell through after Washington expressed opposition, forcing Lukoil to seek alternative buyers. Analysts note that the sale of foreign assets may reshape the company’s international footprint and investor confidence.