Ukraine war briefing: Fire sale of Lukoil assets before start of US sanctions on Russia

The GuardianThursday, November 13, 2025 at 1:44:25 AM
Ukraine war briefing: Fire sale of Lukoil assets before start of US sanctions on Russia
As the US sanctions against Lukoil approach, set to take effect on November 21, the company is under pressure to divest its foreign assets quickly. This urgency has attracted interest from various buyers, including Kazakhstan's state firm KazMunayGas, which is considering a bid for Lukoil's assets in Kazakhstan, and Shell, which is looking at Lukoil's deepwater operations in Ghana and Nigeria. The sanctions have already disrupted Lukoil's operations in several countries, including Iraq and Bulgaria. In response to the looming sanctions, Moldova has initiated talks to nationalize Lukoil's infrastructure at Chisinau airport, while Bulgaria is actively working to seize and resell Lukoil's Burgas refinery. This situation underscores the significant impact of geopolitical tensions on global energy markets and the strategies companies must adopt to navigate these challenges.
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