Russian oil group Lukoil announced on Thursday that it has reached an agreement on the sale of its Lukoil International GmbH division, which regroups the company’s foreign assets, to US private equity fund Carlyle Group, Reuters reports.
The agreement does not include assets in Kazakhstan, the Russian energy producer said in a statement. Lukoil added that the transaction is subject to regulatory approvals and that discussions with other potential buyers are continuing in parallel. Financial terms were not disclosed. However, Lukoil’s total foreign assets are valued by analysts at around $22 billion, according to Agerpres.
“The signed agreement is not exclusive to the company and is subject to certain preconditions, such as obtaining the necessary regulatory approvals, including permission from the Office of Foreign Assets Control (OFAC) of the US Treasury Department for the transaction with Carlyle,” Lukoil said.
Separately, US private equity firm Carlyle Group said on Thursday that its deal to buy Russia’s Lukoil’s international assets is subject to the completion of due diligence and regulatory approvals.
In a press release, Carlyle said its approach to Lukoil’s assets will focus on “ensuring operational continuity, preserving jobs, stabilizing the asset base, and supporting safe and reliable performance across the portfolio by providing dedicated oversight and international operational capabilities.”
Lukoil was added to the US sanctions list in October 2025 in response to the slow progress of peace talks between Russia and Ukraine. The move forced the Russian oil giant to sell its foreign assets. Under US sanctions, Lukoil had until February 28, 2026, to sell its foreign assets.
The US Treasury has so far blocked two attempts by Lukoil to sell its overseas assets, first to Swiss trader Gunvor in October last year and then rejected a share-swap deal proposed in December by Xtellus Partners, the former US subsidiary of Russian bank VTB.
As Russia’s most internationally diversified oil company, Lukoil has interests in refineries in Europe, significant stakes in oil fields from Iraq to Kazakhstan and a network of 5,300 petrol stations in 20 countries.