TBILISI, October 14 – Lukoil’s Georgian petrol-station business could come under new ownership through a proposed US-backed purchase of the Russian oil company’s overseas assets, as temporary sanctions permissions approach their expiry dates.
Reuters reported on October 8 that US envoy Jared Kushner and Russian negotiator Kirill Dmitriev had discussed a purchase involving the US International Development Finance Corporation and investors from Qatar and the United Arab Emirates. A White House official confirmed that Kushner and Steve Witkoff had worked with the agency on financial terms benefiting the United States.
The Georgian connection is through Lukoil International GmbH, the overseas holding company that DFWatch previously reported owns 100% of Lukoil Georgia. The latest reporting does not specifically identify the Georgian subsidiary among the assets covered by the proposal. No completed sale of the Georgian business has been confirmed.
Washington imposed sanctions on Lukoil in October 2025, but has maintained temporary permissions allowing specified activities at its overseas businesses while potential buyers negotiate.
Two separate deadlines now approach. US Treasury guidance allows negotiations and conditional contracts for the sale of Lukoil International or its majority-owned subsidiaries until October 22. A separate licence permits specified transactions supporting overseas petrol stations until October 29.
Permission to negotiate does not authorise completion of a sale. That requires separate US approval. Treasury says an acceptable transaction must sever the assets’ ties with Lukoil and place money owed to the Russian company in a blocked account under US jurisdiction.
The field of potential buyers has also changed. US investment firm Carlyle, which had pursued the overseas portfolio, withdrew from the process on October 9, Reuters reported.
