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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
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Russia US Opec Donald Trump
James Gavin
19 April 2017
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Time to build Russian-US bridges

Former Russian energy minister Igor Yusufov says the new US administration will be a boon for hydrocarbons cooperation

From Moscow's perspective, the Western media's ceaseless fretting about Donald Trump is silly. Igor Yusufov, tells Petroleum Economist, the new regime offers scope for improved international energy dialogue. Yusufov was Russia's energy minister between 2001 and 2004, when he was also chairman of state-owned Rosneft. Now he runs Moscow-based Fund Energy, with assets in Siberia, and is understandably bullish about what a sympathetic stance in the White House might do for his country's energy sector. Yusufov has also known the new Secretary of State—former ExxonMobil boss Rex Tillerson—for 15 years. And he's convinced he'll bring good things for Russian oil and gas. "A person of such profession

Also in this section
Explainer: What do Russia’s oil giants own overseas?
4 December 2025
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
Letter from Saudi Arabia: US-Saudi energy ties enter a new phase
Opinion
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
Letter from London: Oil’s golden triangle
Opinion
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
Libya’s upstream caught between hope and caution
1 December 2025
The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation

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