U.S. Sanctions Target Lukoil and Rosneft to Curb Oil Exports
The United States sanctioned Russia's largest oil companies to deter Chinese and Indian buyers and disrupt the Russian state budget.
The Federal government of the United States implemented sanctions against Lukoil and Rosneft on November 21, 2025, targeting the two firms that account for half of Russia's crude exports. The measures aim to deter oil buyers in China and India by threatening to revoke American financial access for any entities facilitating sales from these companies.
The sanctions caused immediate disruptions to the global oil trading sector. On December 1, Torbjörn Törnqvist, the co-founder and boss of oil trader Gunvor, announced his departure from the firm and the sale of his stake to staff.
American authorities also blocked an attempt by Gunvor to acquire a $22 billion portfolio of foreign assets belonging to Lukoil. This forced a reversal of the deal, likely resulting in the assets being sold in smaller, less valuable segments. Because Lukoil and Rosneft are primary contributors to the Russian state budget, these resulting write-downs are expected to impact Russia's national finances.
Keep reading in the app
The full story and every source, free in the app.
Coming soonGoogle Play