After US sanctions, Russia’s oil major Lukoil to sell overseas assets

October 28, 2025

Moscow-headquartered Lukoil has said that it is going to start selling its overseas assets due to sanctions imposed on the company, the Russian oil major was cited as saying by Russian state media. “The company announces its intention to sell its international assets. The consideration of bids from potential purchasers has been started,” Lukoil informed in a statement on Monday as per a report in TASS.

The sale of the assets is conducted under the winddown license from the US OFAC (Office of Foreign Assets Control). The measure, Lukoil said, was taken owing to “introduction of restrictive measures against the Company and its subsidiaries by some states.”

The U.S. Office of Foreign Assets Control has imposed a deadline of Nov. 21 for the company to wind down its businesses abroad or face hefty penalties.”If necessary the company plans to apply for extension of the license to ensure uninterrupted operations of its international assets,” Lukoil said.

The move comes days after the US President Donald Trump imposed sanctions on Lukoil, along with oil and gas firm Rosneft, stating that it was “a result of Russia’s lack of serious commitment to a peace process to end the war in Ukraine.”

The 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,” the US Treasury Department said in a statement.

“The United States will continue to advocate for a peaceful resolution to the war, and a permanent peace depends entirely on Russia’s willingness to negotiate in good faith. Treasury will continue to use its authorities in support of a peace process,” the US Treasury’s statement read.