***UPDATE*** Lukoil Moves to Sell Its Global Assets

Days after the U.S. and U.K. imposed sanctions on Lukoil and Rosneft, Russia’s second-largest oil producer has announced plans to sell its international holdings under an OFAC-approved wind-down license. The move marks the most significant foreign divestment by a Russian energy firm since 2022. While Lukoil has not disclosed which assets will be sold, its portfolio includes the West Qurna-2 field in Iraq, refineries in Bulgaria and Romania, and retail operations across Europe and the Americas. What this means: - Western and Middle Eastern buyers are already reviewing bids. Any acquisition will carry heightened sanctions, financing, and ownership-transparency risk. - Expect complex intermediary structures and asset transfers through non-Western jurisdictions. For compliance officers, lenders, and legal advisors, this is a moment to review exposure — not only to Russian entities, but to secondary counterparties emerging from these divestments. At Obsidian Group Analytics, we monitor these transactions and their cross-border risk implications for clients operating in energy, finance, and trade.