The British government targeted Russian oil producers and tankers on October 15, in an effort to hit budget revenues and curb Russia’s war effort in Ukraine.
State-owned Rosneft, Lukoil, as well as 44 shadow fleet tankers were added to the UK sanctions list.
UK finance minister Rachel Reeves said that there is “no place for Russia in global markets.”
Lukoil is active in Kazakhstan, where it owns shares in a number of oil producing companies and the Caspian Pipeline Consortium, which ships 80% of all Kazakhstan oil exports to the Black Sea port of Novorossiysk.
A press release about the fresh sanctions, however, noted that Tengizchevroil, Karachaganak, and CPC would benefit from a sanction-exemption regime until 14 October 2027.
Between 2015-2020, Lukoil sold its shares in a number of projects in the Mangistau and Kyzylorda regions. In 2023, Lukoil paid national oil company Kazmunaigas $200 million to acquire a 50% stake in Kalamkas-sea and Khazar fields.
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