Lukoil agrees to sell its foreign assets to Carlyle, excluding Kazakhstan

Lukoil said on Thursday, Jan. 29, 2026, that it had agreed to sell its foreign assets to Carlyle, a Washington-based investment firm, while excluding its operations in Kazakhstan. The company did not disclose the financial terms of the deal and said it was still in talks with other prospective buyers.

Carlyle said the agreement was conditional on its due diligence and regulatory approvals. Any transaction would need approval from the U.S. Treasury Department, which enforces U.S. sanctions. The Treasury placed sanctions on Lukoil in October and, in an October announcement, Treasury Secretary Scott Bessent described Lukoil and Rosneft as part of "the Kremlin’s war machine," saying, "Now is the time to stop the killing and for an immediate cease-fire." The announcement follows broader Western measures that have hurt Russian oil revenue: the European Union introduced sanctions that included phasing out Russian fuel imports, and Russia’s finance ministry said a combination of sanctions, lower oil prices and moves to target tankers in Russia’s "shadow fleet" led to a 25 percent drop in Russia’s oil and gas exports last year.

Lukoil’s foreign assets are estimated at about $22 billion and include oil fields and refineries in countries such as Iraq, Egypt, Bulgaria and Romania, as well as about 200 U.S. gas stations in New Jersey, New York and Pennsylvania.

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