Russia’s second-largest oil company, Lukoil LKOH.MM, announced on Monday that it plans to sell its international assets following U.S. sanctions imposed last week over Moscow’s ongoing conflict in Ukraine.
The move marks one of the most significant responses yet by a Russian corporation to new Western sanctions. In a statement, Lukoil said the sale would proceed “under an OFAC wind-down licence,” referring to the U.S. Treasury’s Office of Foreign Assets Control. The company added that it would seek an extension of the licence if required to maintain uninterrupted operations.
“The consideration of bids from potential purchasers has begun,” the statement said, without specifying which assets are being sold.
On 22 October, U.S. President Donald Trump imposed sanctions on Russia’s biggest oil producers, Lukoil and Rosneft ROSN.MM, in connection with the conflict in Ukraine. A week earlier, the United Kingdom had also sanctioned both companies and 44 “shadow fleet” tankers, which London described as part of Moscow’s effort to circumvent restrictions and continue energy exports.
Headquartered in Moscow, Lukoil contributes roughly 2% of global oil output. Its name comes from three towns in western Siberia — Langepas, Urai and Kogalym — where the company has its roots.
Lukoil’s largest overseas asset is the West Qurna 2 oil field in Iraq, one of the world’s biggest, where it holds a 75% stake. The field’s output exceeded 480,000 barrels per day in April, according to Interfax news agency.
The company also owns the Lukoil Neftohim Burgas refinery in Bulgaria, the largest in the Balkans, with a capacity of 190,000 barrels per day, and the Petrotel refinery in Romania. It supplies crude to Hungary and Slovakia, as well as to Türkiye’s STAR refinery, operated by Azerbaijan’s SOCAR.
In addition, Lukoil holds interests in oil terminals and retail fuel networks across Europe, along with upstream and downstream ventures in Central Asia — notably Kazakhstan — and in parts of Africa and Latin America.
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The collective-defence agreement between Türkiye, Saudi Arabia and Pakistan signals that regional powers no longer want to rely solely on external security guarantees. Whether it becomes a stabilising deterrent or another axis of rivalry remains unresolved.
Shipping through the Strait of Hormuz has slowed, according to the latest data, as uncertainty over the waterway’s reopening kept most shipowners away. Six commodity vessels crossed the strait on Tuesday, down from nine the day before and below the 10-day daily average of 11.
Shipping traffic through the Strait of Hormuz remains limited on Thursday, with no increase in vessel crossings as U.S.-Iran talks to resolve the conflict remained stalled. Nine commodity vessels transited the key waterway on Wednesday, unchanged from the previous day, according to Kpler data.
Iran has said the Strait of Hormuz will remain closed until the U.S. fulfils the terms of an interim deal, including lifting the maritime blockade and sanctions and releasing Iran’s frozen assets.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 19th of August, covering the latest developments.
Australia on Thursday condemned Israel’s decision to close its criminal investigation into the deaths of Australian aid worker Zomi Frankcom and six World Central Kitchen colleagues killed in Gaza in April 2024.
Shipping traffic through the Strait of Hormuz remains limited on Thursday, with no increase in vessel crossings as U.S.-Iran talks to resolve the conflict remained stalled. Nine commodity vessels transited the key waterway on Wednesday, unchanged from the previous day, according to Kpler data.
North Korea has fired more than 10 short-range ballistic missiles after U.S. President Donald Trump reduced American participation in joint military exercises with South Korea in an effort to revive dialogue with Pyongyang.
Georgia’s foreign trade data for January-July 2026 shows Kyrgyzstan, China and Russia as its top three export markets, highlighting its Middle Corridor ambitions and complex economic ties with Moscow.
Kazakhstan will vote on 23 August in its first parliamentary election under the new Constitution, choosing 145 members of the new Kurultai under a fundamentally changed electoral system based entirely on party lists.
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