"Lukoil Has Bowed To The US

• 13.11.2025, 10:37

What is the Russian oil giant asking for?

Russian company Lukoil has applied for a deferral of sanctions by the US Department of the Treasury, which will come into force on November 21, 2025.

This is reported by Reuters citing anonymous sources familiar with the situation.

According to Reuters, Lukoil said in a statement that it needs time to fulfill existing obligations and consider proposals for asset sales, so the Russian oil giant is asking the United States to extend a reprieve from sanctions on some of its operations. Lukoil submitted the application to the US Treasury Department. It is not yet known how the United States reacted.

In October this year, the Office of Foreign Assets Control (OFAC) of the US Treasury Department announced new sanctions against Russian companies Rosneft and Lukoil. This was one of the steps to increase pressure on Russian dictator Vladimir Putin to end the war against Ukraine.

While Rosneft is more dependent on the domestic Russian market, Lukoil is more dependent on the international market, so the new U.S. sanctions hit Lukoil the hardest. This company is trying to sell its international assets, but it has not succeeded so far.

The Swiss company Gunvor was initially interested in Lukoil's international assets. But then it became known about Gunvor's possible ties with the Kremlin, and it refused the deal. Now Lukoil is looking for new buyers.

Reuters suggests that its assets could be bought on the cheap. For example, Kazakhstan's national oil company KazMunaiGas is interested in the Russian oil giant's assets. In addition, according to Reuters, the British oil and gas company Shell has shown interest in Lukoil's offshore projects in Ghana and Nigeria. But Shell refused to comment on this information.