Russian oil company Lukoil plans to sell its international assets to U.S. private equity firm Carlyle Group, Lukoil said Thursday, as it rushes to divest its global portfolio in the face of impending U.S. sanctions.
The U.S. Treasury gave Lukoil until Feb. 28 to sell its foreign assets in response to sanctions imposed by U.S. President Donald Trump to push for a ceasefire in .
Lukoil didn’t give further details on the value of the deal, but said in a statement that it wouldn’t include the company鈥檚 assets in Kazakhstan.
The sale still requires approval from the U.S. Office of Foreign Assets Control, which administers sanctions. In the meantime, Lukoil said that it would continue negotiations with other prospective buyers.
Carlyle Group said in a statement that its approach to Lukoil International would be on ensuring operational continuity and preserving jobs. It also said that it recognized the assets’ 鈥渃ritical importance to nations鈥� infrastructure and domestic energy security.鈥�
When asked about the deal, the Kremlin said that it couldn’t comment on corporate agreements.
“For us, the most important thing is that the interests of the Russian company involved are protected and respected,” Kremlin spokesman Dmitry Peskov said Thursday.
previously announced its proposals to buy Lukoil鈥檚 assets in October, but later withdrew its offer after being called 鈥渢he Kremlin鈥檚 puppet鈥� by the U.S. 鈥� an accusation that the Geneva-based company rejected.
In an X post on Nov. 6, the U.S. Treasury Department alluded to Russian President Vladimir Putin鈥檚 decision to send Russian troops to launch an all-out invasion of Ukraine on Feb. 24, 2022, and Trump鈥檚 efforts to end the war.
鈥淧resident Trump has been clear that the war must end immediately,鈥� the department鈥檚 post on X said. 鈥淎s long as Putin continues the senseless killings, the Kremlin鈥檚 puppet, Gunvor, will never get a license to operate and profit.鈥�
Lukoil has stakes in oil and gas projects in 11 countries. It has refineries in Bulgaria and Romania and a 45% stake in a refinery in the Netherlands, as well as gas stations in a number of countries.
Trump announced new sanctions against Lukoil and Rosneft, Russia鈥檚 two biggest oil companies, on Oct. 22. Together, the two companies account for roughly half of the country鈥檚 oil exports, providing a major source of government revenue.
The sanctions make it difficult for Lukoil and Rosneft to do business outside of Russia. In addition to barring U.S. businesses from dealing with the two companies, the sanctions carry the threat of secondary sanctions on foreign banks that handle their transactions.
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