Carlyle Group's deal to buy Lukoil's foreign assets terminates

Lukoil PJSC: Lukoil PJSC is a major Russian oil producer that controls international operations through its subsidiary Lukoil International GmbH. The company pursued the divestment of most of its overseas assets via an agreement with Carlyle Group that has now expired due to the absence of required US regulatory approval. Carlyle Group: The Carlyle Group is a leading US private equity firm that pursues investments in companies across multiple industries. It recently entered into an agreement to acquire most of Lukoil PJSC's foreign assets, but confirmed that the deal has terminated without regulatory clearance. Sanctions Context: US sanctions on Lukoil prompted efforts to divest foreign operations, with related OFAC licenses extended into October 2026 to facilitate talks. Regulatory Approval: The transaction required clearance from the US Office of Foreign Assets Control, which was not obtained before the agreement lapsed. Ongoing Negotiations: Lukoil International continues active discussions with other interested parties regarding the potential acquisition of its international asset group.