Lukoil Exits Iraq, Sanctions Tighten on Russia
Update: 2025-11-11
Description
On November tenth, Lukoil, Russias second-largest oil producer, announced its exit from major energy projects in Iraq due to new Western sanctions. These sanctions, targeting Lukoil and Rosneft, aim to curb Russias oil revenue funding its war in Ukraine. Lukoils swift departure is hailed as a significant victory for the West, demonstrating the effectiveness of these measures. The EU also mirrors these prohibitions, aiming to halt all Russian gas imports by 2027 and phase out Russian oil, gas, and LNG. Lukoils struggle to sell its Iraqi assets signals the sanctions strength, opening opportunities for Western firms to expand their influence in Iraqs oil sector.
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