Explainer: What do Russia’s oil giants own overseas?
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
The US sanctions announced in late October placed Russia’s two largest oil companies, Rosneft and Lukoil, on the Specially Designated Nationals (SDN) list, triggering an immediate halt to most financial and commercial dealings with the firms once short grace periods expire. In coordination, the UK and the EU also imposed sanctions on the two firms, though Washington’s measures are by far the hardest-hitting, cutting the pair from the global dollar system and virtually prohibiting any counterparty worldwide from dealing with them. The US Office of Foreign Assets Control set 13 December as the deadline for winding down all transactions with Lukoil and most of its subsidiaries, and 29 April 202
Also in this section
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
