Carlyle Group has agreed to acquire most of Lukoil’s international assets, in one of the most complex cross-border private equity transactions to emerge since the latest round of US sanctions on Russian companies.

Lukoil said the agreement covers the majority of its foreign operations but excludes assets in Kazakhstan. The company did not disclose financial terms and said the transaction remains subject to regulatory approvals. Talks with other potential buyers are continuing.

Carlyle said the proposed deal has been structured to be “fully compliant” with the requirements of the US Office of Foreign Assets Control. The firm added that it would focus on maintaining operational continuity, preserving jobs, and supporting safe and reliable performance at the assets.

The transaction follows the collapse of a previous agreement to sell the assets to energy trader Gunvor Group, after the US Treasury described Gunvor as the Kremlin’s “puppet”. Lukoil’s international portfolio has since attracted interest from groups including Exxon Mobil, Chevron, and Abu Dhabi National Oil Company.

Lukoil is Russia’s most internationally diversified oil producer, with stakes in European refineries, oil fields across multiple regions, and a network of around 5,300 fuel stations in 20 countries.

The deal underlines how private equity firms with global regulatory expertise are positioning themselves to execute politically sensitive carve-outs where strategic buyers face greater constraints.

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