Lukoil

Russia's second-largest oil company and largest private firm, operating refineries across Europe and the Middle East. - Under US SDN sanctions since October 2025

The G7 set Russian oil at $60 per barrel in December 2022—a novel attempt to starve the Kremlin of war funds without triggering a global energy crisis. Since late January 2026, the UK and EU have enforced a reduced cap of $44.10 using a new automatic mechanism that adjusts every 22 weeks to stay 15% below market prices; the United States has not joined this latest reduction.

Updated Feb 16

Russia’s largest private oil producer is being forced to auction off its foreign empire to survive sanctions. - Selling virtually all international assets under US and UK sanctions pressure

First the US froze Lukoil’s assets. Now it’s effectively forcing Russia’s biggest private oil company to auction off its global business. A fresh Treasury waiver gives buyers until January 17, 2026 to lock in deals for oilfields, refineries and thousands of gas stations worth about $22 billion.

Updated Dec 11, 2025