Reuters learned that Carlyle stopped attempts to acquire LUKOIL assets
Carlyle has abandoned plans to acquire LUKOIL’s foreign business, a fund spokesman said. The sale agreement was signed in January, but the deal lost force because it did not receive US approval
The American investment company Carlyle is no longer actively trying to acquire LUKOIL’s foreign assets. About it reports Reuters with reference to the representative of the company. He declined further comment.
LUKOIL concluded a deal to sell foreign assets to Carlyle in January 2026. Its perimeter did not include assets in Kazakhstan. According to Reuters sources familiar with the talks, the fund negotiated partnerships as part of a deal with Abu Dhabi-based investment firms Mubadala, XRG and IHC, as well as the U.S. International Development Finance Corporation (DFC).
Lukoil’s portfolio of foreign assets, initially valued at about $22 billion, has attracted interest from at least ten companies and investors. Among them are Exxon Mobil and former Pornhub owner Bernd Bergmire.
LUKOIL announced its intention to sell foreign assets on October 27, 2025 after the imposition of US sanctions. The US restrictions also affected Rosneft.
Press Secretary of the President of Russia Dmitry Peskov called the American sanctions against LUKOIL and Rosneft unfriendly step. "They have really harmed the prospects of resuscitation of our relations," he said in October 2025. At the same time, Peskov stressed that Moscow remains interested in developing relations with the United States and will continue to act based on its own interests.
When concluding the agreement with Carlyle, LUKOIL stressed that it was not exclusive and continued negotiations with other potential buyers. Completion of the transaction was subject to regulatory approvals, including approval from the Office of Foreign Assets Control (OFAC).
In September, the Financial Times, citing sources, reported that the approval of the deal was delayed, since the administration of Donald Trump has not yet approved it. In its 2025 report, LUKOIL International GmbH indicated that the agreement with Carlyle had expired at the end of July 2026 because the transaction had not received OFAC approval. LUKOIL said it was in “intensive negotiations” with other interested buyers.
In early October, The New York Times, citing eight sources familiar with the negotiations, reported on the discussion of the deal on LUKOIL assets between Russia and the United States in the framework of negotiations on Ukraine. The newspaper called the potential deal "multi-billion dollar." Among its participants were American financier Todd Boeli, as well as Qatari and Emirati businessmen.
Three NYT sources claimed the issue was raised at Vladimir Putin's September meeting with Steve Whitkoff and Jared Kushner. Russian presidential aide Yuri Ushakov confirmed the discussion of economic issues and possible major joint projects, but did not report a specific deal with LUKOIL assets. Dmitry Peskov declined to comment on the publication.
