444 SHARES Share Tweet [mc4wp_form id=33047]Russia’s second-largest oil producer, Lukoil, has agreed to sell its foreign oil and gas assets, including holdings in Nigeria, to US investment firm The Carlyle Group, as sweeping American sanctions linked to the Ukraine war continue to reshape global energy flows. The transaction, whose value was not disclosed, is subject to approval by the US Treasury and other regulatory authorities. The divestment covers assets located in Nigeria, Iraq, Azerbaijan, Egypt, the United Arab Emirates and Mexico, but excludes Lukoil’s operations in Kazakhstan. In 2025, Russia’s oil and gas revenues, which account for about a quarter of federal budget income, fell to a five-year low, underscoring the growing impact of Western sanctions on the country’s key revenue streams. For Nigeria, the planned divestment marks another shift in the ownership structure of foreign oil assets, as global energy companies reassess exposure to geopolitical and regulatory risks in the sector.