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Russia's Lukoil to Sell Carlyle Its International Assets

Provided by Dow Jones Jan 29, 2026, 7:19:00 AM

By Adam Whittaker

Russia's Lukoil said it agreed to sell its international assets to U.S. private-equity firm Carlyle Group, weeks after the Trump administration blocked a previous deal with commodities trader Gunvor.

The sanctioned Russian oil producer said Thursday that the sale was contingent on regulatory approvals by the U.S. Treasury's Office of Foreign Assets Control.

In November, Gunvor retracted its offer for the assets after the U.S. Treasury Department said it opposed the deal and called the Swiss commodities trader the "Kremlin's puppet."

No sale price was disclosed. The Wall Street Journal in November reported that individuals following the Gunvor sales process had suggested it could value Lukoil's international arm at around $20 billion.

Lukoil said the sale doesn't include assets in Kazakhstan.

Write to Adam Whittaker at adam.whittaker@wsj.com

(END) Dow Jones Newswires

January 29, 2026 02:19 ET (07:19 GMT)

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