Published by Global Banking & Finance Review®
Posted on November 4, 2025
1 min readLast updated: January 21, 2026
Add as preferred source on GoogleKazmunaygaz and Lukoil are progressing on joint projects despite sanctions, assessing legal and financial impacts.
(Reuters) -Kazakhstan's Kazmunaygaz and the sanctioned Russian Lukoil continue work on joint projects in accordance with contractual obligations, Russia's Interfax agency reported on Tuesday.
The two companies are conducting a comprehensive assessment of the impact of sanctions on the projects, Kazmunaygaz told Interfax.
"The assessment is being carried out with regard to legal, financial and technical aspects," Interfax cited a Kazmunaygaz representative as saying.
In October, the United States hit Lukoil and Rosneft, Russia's two largest oil companies, with sanctions and accused Moscow of a lack of commitment toward ending the war in Ukraine.
(Reporting by Lidia Kelly in Melbourne; Editing by Jacqueline Wong)
Sanctions are restrictions imposed by countries or international organizations to influence or punish a nation or entity. They can include trade barriers, tariffs, and restrictions on financial transactions.
Kazmunaygaz is the national oil and gas company of Kazakhstan, responsible for the exploration, production, and transportation of hydrocarbons in the country.
Lukoil is one of Russia's largest oil companies, engaged in the exploration, production, refining, and marketing of oil and gas products.
A comprehensive assessment is a thorough evaluation that considers all relevant factors, including legal, financial, and technical aspects, to understand the impact of a situation or decision.
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