LUKOIL decided to sell its foreign assets due to sanctions.

The company was placed under US sanctions on October 22 , giving it a month to wind down operations. During this period, LUKOIL plans to sell its foreign assets. The company has projects in the Balkans, the Middle East, and parts of the EU and the US.

LUKOIL intends to sell its foreign assets following the imposition of sanctions against the company, its press service reported. On October 22, the United States announced restrictions against LUKOIL.

"The asset sale is being carried out in accordance with a wind-down license from OFAC (the Office of Foreign Assets Control of the US Treasury Department, which imposed the sanctions. — ). If necessary, the company plans to apply for an extension of the license to ensure the uninterrupted operation of its foreign assets," the statement reads.

The review of applications has already begun, the company added.

OFAC has given Lukoil a month to wind down its operations, a deadline that expires on November 21. The same applies to Rosneft, which is also subject to sanctions. Along with the parent companies, the restrictions will also apply to their subsidiaries with stakes exceeding 50%.

President Vladimir Putin described the new sanctions as "serious" for Russia and entailing "certain consequences." However, he believed they would not significantly impact the country's "economic well-being." He viewed the restrictions as an attempt to pressure the country and noted that this step could damage Russian-American relations.

LUKOIL operates in the following foreign countries:

• USA (network of gas stations in the states of New York, New Jersey and Pennsylvania);
• Belgium and the Netherlands (also a network of petrol stations, in the Netherlands – a 45% share in the Zeeland oil refinery);
• Austria andFinland (production of oils LUKOIL Lubricants Europe);
• Italy (gas station network);
• Romania (Petrotel-Lukoil refinery, located in the city of Ploiesti, 55 km from Bucharest, and is one of the largest oil refineries in Romania with an annual refining capacity of 2.5 million tons);
• Bulgaria (LUKOIL Neftohim Burgas Oil Refinery is the largest oil refining enterprise on the Balkan Peninsula, a network of petrol stations);
• Serbia, Montenegro, Macedonia, Moldova (gas station networks);
• Azerbaijan  (Shah Deniz gas condensate field);
• Kazakhstan  (LUKOIL, in particular, participates in the Caspian Pipeline Consortium);
• Iraq (West Qurna-2 field);
• UAE (Ghasha concession), etc.

In total, the company has more than 2.4 thousand (as of the end of 2024) gas stations outside of Russia.

Some of LUKOIL's foreign projects involve stakes significantly less than 50%, so in most cases, they won't have to be sold, although much will depend on the position of national governments, experts explained previously. However, blocking US sanctions paralyze LUKOIL's participation in the management of these companies and any transactions with them, including receiving financial income from their activities. For this reason, OFAC immediately granted an exception for LUKOIL's participation in Tengiz (the Tengiz and Korolevskoye fields in the Atyrau region of Kazakhstan, which are part of the Tengiz project) and the Caspian Pipeline Consortium (CPC), so as not to block the production and export of Kazakh oil.

In 2022, LUKOIL split its trading division into two. Litasco SA remained headquartered in Geneva, while Litasco Middle East was registered in Dubai.BLOOMBERG, citing sources, reported that the Geneva division is expected to continue working with non-Russian oil and will retain refineries in Bulgaria and Romania, as well as a stake in the Dutch enterprise.TOTALENERGIES . The Dubai subsidiary, Litasco Middle East, will be responsible for Russian oil and Asian operations. Litasco Middle East was initially registered to handle maritime cargo. It received its oil trading license on May 15, 2025. The license permits the international sale of petroleum products, lubricants, and crude oil, as well as equipment and spare parts for oil and gas fields.

In July 2025, Litasco Middle East DMCC was placed on the UK sanctions list . Subsequently, in August 2025,Reuters , citing sources, reported that the company intends to transfer its business to a newly created entity headquartered in Dubai. According to the agency, Alghaf Marine DMCC was registered in Dubai on December 31, 2024 .

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