Headlines
Factbox-The two Russian oil giants hit with US sanctions
Published by Global Banking and Finance Review
Posted on October 23, 2025
3 min readLast updated: January 21, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on October 23, 2025
3 min readLast updated: January 21, 2026
The US has sanctioned Russian oil giants Lukoil and Rosneft, impacting global oil markets and Russia's economy.
MOSCOW (Reuters) -The United States has imposed sanctions on Russia's largest oil companies, Lukoil and Rosneft, in Washington's toughest measures on Russian business since the start of the war in Ukraine.
Here are some details about the two companies, which together account for around half of Russia's oil output:
ROSNEFT
* The company is led by Igor Sechin, a longtime ally of Russian President Vladimir Putin.
* It produced some 3.7 million barrels per day (bpd) of oil and gas condensate in 2024, accounting for about 3.3% of global oil output, and earned 1.08 trillion roubles ($13.28 billion).
* Rosneft's refining volumes in Russia were 82.6 million tons in 2024.
* Last year it signed a 10-year deal with Indian refiner Reliance, which operates one of the world's largest refining complexes, to supply nearly 500,000 bpd of crude.
* It also owns a 49% stake in Indian refiner Nayara, whose 400,000 bpd Vadinar refinery relies exclusively on Russian oil. The refiner is subject to European Union and British sanctions, which have caused it to reduce its operating rates.
* Rosneft's German assets, including stakes in the Schwedt, MiRo and Bayernoil refineries, were put under government trusteeship in September 2022 in the wake of Russia's invasion of Ukraine.
LUKOIL
* Lukoil is Russia's second-largest oil producer and accounts for around 2% of global output.
* It produced about 1.61 million bpd of oil and gas condensate in Russia last year and earned 848.5 billion roubles.
* Its refining volumes in Russia totalled 54.3 million tons.
* Lukoil also holds a 75% stake in Iraq's West Qurna 2 oilfield, one of the world's largest.
* The oilfield's output topped 480,000 bpd in April, Russia's Interfax news agency reported.
* Lukoil supplies oil to Hungary and Slovakia, as well as to Turkey's STAR refinery owned by Azerbaijan's SOCAR, which depends heavily on Russian crude.
* It owns the 190,000 bpd Lukoil Neftohim Burgas refinery in Bulgaria, the largest in the Balkans, as well as the Petrotel oil refinery in Romania.
* The company also has stakes in oil terminals as well as retail fuel chains in Europe and has various upstream and downstream projects in Central Asia, Africa and Latin America.
($1 = 81.3000 roubles)
(Reporting by Reuters; editing by Guy Faulconbridge and Jason Neely)
Lukoil is Russia's second-largest oil producer, accounting for around 2% of global oil output. It produced about 1.61 million barrels per day and has significant refining operations in Russia and abroad.
Rosneft is Russia's largest oil company, producing approximately 3.7 million barrels per day. It plays a crucial role in the global oil market and has various international partnerships.
Sanctions are restrictive measures imposed by countries or international organizations to influence or punish a specific country or entity. They can include trade restrictions, asset freezes, and travel bans.
Oil output refers to the total quantity of crude oil produced by a company or country over a specific period, typically measured in barrels per day (bpd).
Refining volume is the total amount of crude oil processed in refineries to produce petroleum products, measured in tons or barrels. It indicates the capacity and efficiency of refining operations.
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