Lukoil has been granted additional time to negotiate the disposal of its international business after the US Treasury extended the relevant authorization until 19 September 2026. The extension provides another window for talks with potential buyers and for entering conditional sale agreements. Any transaction that is completed would still require separate US regulatory approval.
Sanctions backdrop and scope of Lukoil’s foreign portfolio
Lukoil has been seeking to divest foreign operations since sanctions imposed in October 2025 complicated its ability to manage and finance the portfolio. The assets include refineries in Bulgaria, Romania and the Netherlands. They also cover around 2,500 filling stations across 19 countries, alongside upstream interests in Azerbaijan, Kazakhstan, Uzbekistan, Iraq and Egypt.
Previous deal setbacks and ongoing regulatory clearance
The disposal process has already encountered obstacles. An earlier transaction involving commodities trader Gunvor failed to secure the necessary approval. After that outcome, Lukoil reached an agreement with US investment group Carlyle in early 2026.
The Carlyle transaction remains subject to regulatory clearance. The US authorization extension keeps the disposal process active, while the requirement for a buyer structure acceptable to US authorities continues to be central to the process. The portfolio described includes a geographically diverse set of oil and gas assets.
Accounting impact from sanctions-driven exit
The sanctions-driven exit has also resulted in a substantial accounting impact. Lukoil has written down the value of its international operations by around €18 billion. The write-down reflects deterioration in asset valuations and increased transaction uncertainty.
