November 14, 2025 [Oil Price]- Carlyle is in talks with Lukoil for the potential acquisition of the latter’s international operations, Reuters has reported, citing unnamed sources.

 
The news follows Gunvor’s attempt to buy the assets, only to change its mind after the Trump administration called it a “Kremlin puppet” and said it would block the deal.
 

The private equity major is still in the early stage of the negotiations, but it has applied for a license that would clear the way to an acquisition, one of the Reuters sources told the publication. The next step would be due diligence, which would need to take place soon because the sanctions against Lukoil kick in on November 21, making any dealings with it by companies using the U.S. financial system illegal.

Lukoil is the most active Russian energy company internationally, with upstream operations in the Middle East, Central Asia, and Latin America, and retail fuel businesses in many parts of the world, including the United States. The company announced plans to sell its international business following President Trump’s decision to step up pressure on Russia in a bid to bring it to the peace negotiations table with Ukraine. The latest round of sanctions zero in on Lukoil and Rosneft, which together account for about half of Russia’s total oil exports. Lukoil alone produces some 2% of the world’s oil, Reuters noted in its report.

Swiss-based commodity major Gunvor was quick to make an offer for the business at $22 billion. The U.S. government, however, was equally quick in its reaction to the news, with the Department of the Treasury saying, “President Trump has been clear that the war must end immediately. As long as Putin continues the senseless killings, the Kremlin’s puppet, Gunvor, will never get a license to operate and profit.”

Gunvor was co-founded by a Russian businessman, Genadiy Timchenko, who, however, sold his stake in 2014. The Swiss commodity firm has called the Treasury’s claims “fundamentally misinformed and false.”