The American private equity giant Carlyle Group is evaluating the purchase of international assets belonging to the sanctioned Russian oil company Lukoil.
Because Lukoil is under US sanctions due to the war in Ukraine, Carlyle plans to apply for a special license from the US government (specifically OFAC) to conduct due diligence and potentially finalize the transaction.
Talks are in the early stages. While Carlyle has expressed interest to Lukoil, sources indicate that no final decision has been made and the deal could still be abandoned.
Lukoil’s international portfolio is valued at approximately $22 billion (as of 2024). It includes three refineries in Europe, oil field stakes in countries such as Kazakhstan, Uzbekistan, Iraq, Mexico, and Nigeria, and hundreds of gas stations globally (including in the US). These assets account for over 0.5% of the global oil supply.
The US government previously blocked a similar sale of Lukoil assets to the Swiss trading firm Gunvor. Carlyle, which manages $474 billion in assets, would need to navigate these strict regulatory barriers.
Russia’s Lukoil to Sell Overseas Assets After U.S. Sanctions
