Carlyle is evaluating a possible acquisition of Lukoil’s international assets, becoming the first US private equity firm to explore such a deal as sanctions pressure intensifies on the Russian oil major, Reuters reports.

The assets, which Lukoil values at about $22bn, span refineries in Europe, stakes in oilfields across Kazakhstan, Uzbekistan, Iraq, Mexico, Ghana, Egypt, and Nigeria, and a global network of retail fuel stations. The portfolio accounts for roughly 0.5% of global oil output.

Any transaction would require a US licence. Sources said Carlyle is considering filing an application before beginning due diligence, but the firm may still walk away depending on timing and geopolitical risk. Carlyle has already notified Lukoil of its interest.

The US Treasury recently blocked Swiss-based Gunvor from buying the assets, calling the commodities trader a Kremlin puppet. Gunvor has since withdrawn its bid. Analysts said Carlyle is more likely to gain approval from Washington, but the short deadline and political sensitivities create material uncertainty.

The US has set a 21 November cut-off for any transactions with Lukoil unless a licence is granted. Lukoil has asked for an extension.

Lukoil’s operations abroad have already been disrupted by sanctions, affecting activities in Iraq, Finland, and Bulgaria.

Carlyle, which manages $474bn globally, declined to comment. Lukoil also did not respond to requests for comment.

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