Ukraine war briefing: Fire sale of Lukoil assets before start of US sanctions on Russia

<p>Foreign properties may be nationalised if Lukoil doesn’t sell, or the proceeds frozen if it does; Zelenskyy grapples with corruption scandal fallout. What we know on day 1,359</p><p><strong>The foreign oil refineries and other assets of Russian company Lukoil are attracting potential buyers as time runs out to strike cheap deals before US sanctions come into force on 21 November.</strong> The sanctions, put in place in response to Russia’s war on Ukraine, have already disrupted Lukoil’s operations in Iraq, at pump stations in Finland and a refinery in Bulgaria. <strong>Kazakhstan’s state firm KazMunayGas</strong> is studying a bid for Lukoil’s assets in the country, two sources familiar with the matter told Reuters. Shell is interested in Lukoil deepwater <strong>assets in Ghana and Nigeria</strong>, two other sources said. Shell declined to comment to Reuters.</p><p><strong>The government of Moldova has started talks to nationalise Lukoil’s infrastructure at Chisinau airport</strong>, said the airport’s director, Serdgiu Spoiala. Bulgaria is working towards seizing and reselling Lukoil’s Burgas refinery, although Bulgaria’s president, Rumen Radev, has <a href="https://www.reuters.com/business/finance/bulgarias-president-vetoes-law-seize-lukoil-refinery-amid-us-sanctions-2025-11-12/">sent the legislation back to parliament</a> asking for legal changes. <strong>In Egypt, Lukoil has indicated to the government its possible plans to sell out</strong>, a Reuters source familiar with the situation said. Lukoil holds three concessions in Egypt. Egypt’s petroleum ministry did not respond to a Reuters request for comment.</p><p><strong>Lukoil faces either selling its assets and having the proceeds potentially seized, or their takeover by foreign states if it does not sell them</strong>, said Sergey Vakulenko, a senior fellow at the Carne