Lukoil's Challenges: A Sanctioned Energy Giant in Turmoil

Lukoil is grappling with operational disruptions after the U.S. deadline to sever business ties with the Russian oil giant approached, further complicated by a failed sale attempt to Gunvor, dismissed by the U.S. as a Kremlin 'puppet'.

Sanctioned along with Rosneft, Lukoil faces pressure to divest assets by November 21, which include substantial holdings in essential oilfields and refining facilities worldwide. The U.S. Treasury's strict stance serves as a stark reminder of the geopolitical stakes wrapped up in these energy-sector moves.

As Moldova seeks temporary operational exemptions for Lukoil to prevent fuel shortages, Bulgaria's parliament has legislated to take control of Lukoil's critical refinery. Meanwhile, Lukoil's Teboil chain in Finland faces supply shortages, adding to the company's woes.