The international operations of the Russian energy group Lukoil are facing mounting pressure after a planned sale of assets to Swiss trader Gunvor collapsed, just ahead of a US deadline for companies to halt business with the Russian oil firm.

The US Treasury, responsible for approving any sale due to Lukoil being under US sanctions, signalled its disapproval of the transaction on Thursday, November 9, 2025, calling Gunvor a Kremlin puppet.

Industry analysts and executives predict Lukoil may be compelled to sell its international assets at deep discounts before the US Treasury’s November 21 deadline, potentially to a major Western oil company, Reuters reported. Lukoil had previously announced plans to divest its international holdings following sanctions imposed due to the Russia-Ukraine conflict.

The operational pressure is evident across Europe. Bulgaria’s parliament passed a law allowing the government to take control of Lukoil’s Burgas refinery and sell it, aiming to shield it from US sanctions. A government-appointed manager will run the refinery past November 21 and can sell it, with proceeds held in Lukoil’s name but inaccessible to the company, according to former Prime Minister Boyko Borissov.

In Finland, the Lukoil-owned petrol chain Teboil is running low on fuel after US sanctions on its parent company blocked its operations, Helsingin Sanomat reported Friday, citing a Teboil spokesperson.

Following Gunvor’s withdrawal, Kremlin spokesman Dmitry Peskov called the issue a commercial matter affected by illegal US sanctions. Peskov emphasized that the company’s legitimate international trade and economic rights must be respected and protected.