Will Lukoil exit its Kazakhstan assets by the U.S. deadline?

Under U.S. sanctions imposed in October, Lukoil has been ordered to sell its international asset portfolio — valued at roughly $22 billion — by January 17, 2026, according to Reuters. The package includes significant stakes in Kazakhstan, such as 5% in Tengiz, 13.5% in Karachaganak, full ownership of Lukoil Lubricants Central Asia, and 50% stakes in several offshore projects with KazMunayGas. Potential buyers reportedly include Carlyle, a Chevron–Quantum Capital Group consortium, and International Holding Company, with interest also from ExxonMobil and ADNOC. Any deal requires approval from OFAC, which has already blocked two prior attempts.