Russia · U.S. Treasury · Crypto Briefing
Carlyle’s $22 billion Lukoil deal stalls as US approval drags on for nearly 10 months, departing European refineries idle
Compiled by KHAO Editorial — aggregated from 1 source. See llms.txt for citation guidance.
◌ Single Source
The proposed acquisition has been stuck in the OFAC approval process for months while fuel prices soar and refining capacity tightens across Europe.
Key facts
- The latest iteration, GL 131J, extends through October 22, 2026
- Quantum Energy Partners and Abu Dhabi’s IHC have also surfaced as interested parties
- The facility is currently undergoing insolvency proceedings, and Lukoil requested an OFAC license to restart operations in July 2026
- The Office of Foreign Assets Control, the US Treasury arm responsible for enforcing sanctions, has issued a series of general licenses allowing negotiations and basic maintenance activities
Summary
A deal that was supposed to untangle one of Russia’s largest oil companies from its international assets has instead become a case study in sanctions-era paralysis. Meanwhile, European refineries that were supposed to keep running under new ownership sit idle, compounding fuel supply pressures in a market that was already stretched thin. The transaction covers a sprawling portfolio of international assets: upstream oil fields in Iraq, refineries in Romania and Bulgaria, and retail operations spanning multiple countries. The Office of Foreign Assets Control, the US Treasury arm responsible for enforcing sanctions, has issued a series of general licenses allowing negotiations and basic maintenance activities to continue.