Carlyle Eyes Foreign Assets of Sanctioned Lukoil

Carlyle Group has begun exploring the possibility of purchasing the foreign assets of Russian oil giant Lukoil, according to information shared by sources familiar with the early-stage discussions. The move marks one of the most significant potential U.S. private equity interests in Russian-linked assets since the start of the Ukraine conflict and subsequent Western sanctions.

Initial indications suggest that Carlyle is assessing whether it can secure a U.S. government license that would allow it to proceed with any transaction involving Lukoil-owned operations outside Russia. This step is considered essential due to the sanctions imposed on the company, which were part of Washington’s broader effort to increase pressure on the Kremlin.

One source said Carlyle’s exploratory work includes preparing for due diligence should a path forward be approved. Another source noted that Lukoil has already been informed of Carlyle’s intentions, though no formal offer has been made. The discussions remain preliminary, and no timeline has been set.

Lukoil, one of Russia’s largest private oil companies, has been navigating restrictions that have complicated its global operations following sanctions introduced after the start of the Ukraine war. Its overseas portfolio spans fuel stations, refineries, and energy assets in several regions, making it a potentially valuable acquisition target for investors with regulatory clearance.

Carlyle and Lukoil have not issued public comments on the matter, and it remains unclear how far the process may advance given the geopolitical environment and licensing requirements. For now, the situation continues to develop as both sides evaluate what could become a rare cross-border deal under heightened scrutiny.