A deal between the sanctioned Lukoil and Carlyle Group awaits American approval after a prior bid was rejected
Russian oil major Lukoil has said it has agreed to sell most of its international assets to American private equity giant Carlyle Group. The US has targeted Russia’s second-biggest oil producer with sanctions, forcing it to divest its overseas holdings worth $22 billion.
Washington has imposed broad sanctions on the Russian oil sector since the Ukraine conflict escalated in February 2022. Along with oil majors, including Rosneft, Gazprom Neft, Surgutneftegas, and their subsidiaries, the US has banned American firms from deals with Russian oil companies, joined the G7 price cap on Russian energy, and imposed restrictions on more than 180 oil tankers and ships.
Moscow has argued that the sanctions show that the West is scrambling to maintain dominance and is resorting to anti-democratic and anti-market practices to eliminate competition.
Lukoil said on Thursday that the transaction is subject to regulatory approvals, including clearance from the US Treasury’s Office of Foreign Assets Control. The company did not disclose the financial terms, but stressed it is continuing talks with other potential buyers. It noted that the deal doesn’t include its assets in Kazakhstan.
Read more US consortium moves on Russian oil giant’s overseas assets – FTLast month, Reuters cited sources as saying that around ten global investors, including Exxon Mobil, Chevron, Carlyle, and Saudi Arabia’s Midad Energy, were interested in buying Lukoil’s assets.
A previous offer from Swiss-based trader Gunvor Group reportedly collapsed in November after the US Treasury accused the firm of having ties with Moscow. Gunvor, headquartered in Geneva, was co-founded in 2000 by Swedish businessman Torbjorn Tornqvist and Russian entrepreneur Gennady Timchenko. Timchenko sold his stake in 2014, when Washington targeted him with personal sanctions.
Founded in Washington in 1987, Carlyle Group currently manages around $474 billion in assets. The company has long-standing business ties to US President Donald Trump. In 2005, the firm took part in a $1.8 billion deal to acquire land and three buildings from Trump in Manhattan. In December, The Atlantic reported that Trump and Carlyle co-founder and billionaire David Rubenstein “regarded each other as friends.”
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