REUTERS / Sergei Karpukhin / File Photo
The Russian energy giant dissolved the supervisory board of its international activities I locked itthe last sign of how the sanctions of the US – the first of which comes into force on Friday (21.11.25) – affect the company.
As part of the sanctions-busting breakup, the Moscow-based company recalled Sergey Kochkurov, the parent company’s chief executive, as well as Yevgeny Havkin and Gennady Fedotov. The decision was made during a board meeting on October 28 and was published by Lukoil International GmbH in the Austrian company register on Friday.
The US Treasury Department’s Office of Foreign Assets Control announced on October 22 sanctions against Lukoil and fellow Russian giant Rosneft. The measures are being implemented today, although some actions on Lukoil’s assets have been postponed until December 13, according to Bloomberg.
The move put pressure on the company worldwide: Russian oil prices plummeted, its international trading business, Litasco, laid off staff and closed at least some operations. Lukoil’s share of revenue from the West Qurna 2 oil field in Iraq has been frozen by Baghdad and Western suitors are circling the company’s global assets.
The decision to dissolve the board and recall Lukoil International’s supervisors will leave the company’s chief executive, Alexander Matichin, at the helm. The company is still wholly owned by Lukoil.