Romania Prepares to Take Over Lukoil Assets Ahead of U.S. Sanctions

Romania is moving to assume control of Lukoil’s local operations to safeguard its national energy system and comply with upcoming U.S. sanctions, Energy Minister Bogdan Ivan stated on November 11.

Lukoil runs 320 gas stations in the country, operates the Petrotel refinery, which supplies roughly a quarter of Romania’s fuel market, and holds exploration rights in part of the Black Sea. The company, along with Russia’s Rosneft, was recently included in U.S. sanctions tied to Russia’s ongoing war in Ukraine, scheduled to take effect on November 21.

Minister Ivan emphasized that Romania does not plan to request an extension for the sanctions and supports their full enforcement. “I will support fully applying sanctions initiated by the United States at the level of the entire European Union,” he said.

The Energy Ministry is preparing legislation aimed at ensuring continued operation of the refinery and stable fuel supplies while adhering to the sanctions. At this stage, the government has not provided details on which specific Lukoil assets will be placed under state control or the exact process for doing so.

Both Lukoil and Rosneft are significant contributors to the Russian economy. Kyiv has consistently urged its international partners to sanction Russia’s energy sector, arguing that reducing Moscow’s oil revenues will restrict its ability to finance military operations in Ukraine.