A contract had been concluded, but it was dependent on the approval of the US tax authorities, Lukoil announced on Thursday.Image: keystone
January 29, 2026, 11:01 amJanuary 29, 2026, 11:01 am
The Russian oil company Lukoil, which is subject to US sanctions, is planning to sell its foreign business to the US investment company Carlyle. A contract had been concluded, but it was dependent on the approval of the US tax authorities, Lukoil announced on Thursday.
According to Lukoil, the business in Kazakhstan will be excluded from the sale to Carlyle. At the same time, negotiations are underway with other possible buyers. There has been no comment from Carlyle yet.
Sales to Switzerland failed
The government of US President Donald Trump imposed sanctions on the major Russian oil companies Rosneft and Lukoil last October in order to pressure Moscow to end the war in Ukraine. Afterwards, an attempt by Lukoil to sell its foreign assets to Swiss commodities trader Gunvor failed.
The U.S. Treasury vetoed the measure because one of Gunvor’s founders was Russian businessman Gennady Timchenko, a confidant of Kremlin leader Vladimir Putin. However, Timchenko withdrew from the company in 2014.
US investment firm
The new potential buyer, The Carlyle Group, based in Washington, is one of the largest investment firms in the world and says it manages assets worth $474 billion.
Lukoil’s foreign operations include hundreds of gas stations in about 20 countries, including in the EU, and several refineries. The Russian company is involved in funding projects in the former Soviet republics of Azerbaijan, Kazakhstan, Uzbekistan, but also in other countries. (sda/awp/dpa)