Romania moves to take control of Lukoil assets ahead of US sanctions deadline
Romania aims to take control over the local subsidiary of Russia’s Lukoil in order to protect its national energy system and comply with U.S. sanctions, Romanian Energy Minister Bogdan Ivan said on Nov. 11.
Lukoil operates 320 gas stations in Romania, manages the Petrotel refinery (which supplies about a quarter of the country’s fuel market), and holds exploration rights in a section of the Black Sea.
The company, alongside Rosneft, was recently targeted by U.S. sanctions linked to Russia’s ongoing war in Ukraine, set to take effect on Nov. 21.
Ivan said Romania would not seek an extension of the sanctions deadline, adding that Bucharest supports enforcement of the recent U.S. measures. “I will support fully applying sanctions initiated by the United States at the level of the entire European Union," he said.
He noted that the Energy Ministry is drafting legislation to maintain refinery operations and fuel supply stability while complying with sanctions.
The government has yet to clarify which of Lukoil’s assets would be taken under state control or how the process would unfold.
Lukoil and Rosneft are critical parts of Russia's economy. Kyiv has long encouraged its allies to sanction Russia's energy sector, arguing that depriving Moscow of oil revenues would limit its ability to finance its war against Ukraine.
