Ukrainian President Volodymyr Zelensky has suggested that Russia may have pushed for the easing of oil sanctions in order to sell the European assets of Lukoil.
Speaking to journalists, Zelensky said he expects full sanctions on Russian oil to be reinstated following developments in the Middle East, Ukrinform reports.
"Now we are seeing a ceasefire emerging in the Middle East and the Gulf. I am waiting for sanctions on Russian oil to be fully restored, as they were before. Otherwise, each day will strengthen my belief that this was a Russian game – using a convenient pretext to lift sanctions on energy resources and gain the ability to sell Lukoil's assets. Our assessment was that if full sanctions remained in place for another six months to a year, they would go bankrupt," he said.
According to Zelensky, the issue concerns around 20 facilities, including refineries in Romania and Bulgaria, which are either idle or whose revenues are not reaching Russia.
"I believe sanctions were eased, in part, to allow Russia to sell these assets. If this analysis is incorrect, we will once again see strong sanctions imposed on Russian energy resources, as it is precisely energy revenues that finance their war – a war that everyone must help bring to an end," Zelensky added.
On October 22, 2025, the United States imposed sanctions on Lukoil and Rosneft, citing Russia's lack of genuine commitment to the peace process aimed at ending the war in Ukraine.
Following the U.S. sanctions, Lukoil began considering offers from potential buyers for its international assets in late October.
Bloomberg reported in early January that Chevron Corporation and Quantum Energy Partners would join forces to acquire Lukoil's international assets.
In December, Saudi Arabia's Midad Energy emerged as one of the key contenders for purchasing the foreign assets of the sanctioned Russian oil giant.
