Kazakhstan Tells U.S. It Has Priority in Local Lukoil Buyout Bid - The Moscow Times
Moscow Times
February 23, 2026
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Kazakhstan has informed the United States that it holds a preemptive right to acquire Lukoil's assets in the country under U.S. sanctions imposed on the Russian oil giant for its involvement in the conflict in Ukraine. These sanctions, implemented in October 2025, prompted Lukoil to seek buyers for its foreign assets. As Lukoil's license to sell overseas assets nears expiration on February 28, Kazakhstan has positioned itself as a priority buyer, having submitted a formal bid through the U.S. Treasury's Office of Foreign Assets Control (OFAC).
Lukoil, designated by the U.S. due to its ties to the Russian government, operates significant projects in Kazakhstan, including stakes in the Karachaganak field, the Caspian Pipeline Consortium, and the Tengiz field. The Kazakh energy ministry emphasized that their bid reflects a strategic move to protect national interests and secure control over these assets before they potentially fall into other hands.
Lukoil's international operations contribute about 2% of global oil production, with substantial investments in countries like Europe, Africa, and Latin America. The sale of these assets could reshape the global energy landscape, particularly as Kazakhstan aims to strengthen its position as a key player in Central Asian hydrocarbons. This situation underscores the broader geopolitical dynamics between Russia, the U.S., and Central Asian nations over energy resources.
The stakes are high not only for economic reasons but also for geopolitical strategy. The outcome could influence regional stability and global oil supply chains. As the
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Originally published on Moscow Times on 2/23/2026