Overview
- The U.S. sanctioned Rosneft and Lukoil with measures taking effect on November 21 to cut Kremlin oil income that funds the war in Ukraine.
- Bulgaria fast-tracked a law placing the Neftochim Burgas refinery under trusteeship and imposed export limits to protect domestic fuel supply, with reserves secured for six months.
- Iraq froze payments and halted crude deliveries tied to Lukoil’s West Qurna‑2 project, prompting Lukoil to declare force majeure and reportedly dismiss non‑Russian foreign staff.
- The U.S. Treasury blocked Lukoil’s attempted asset sale to Swiss trader Gunvor by refusing a license and labeling the firm a Kremlin proxy in a public statement.
- Indian and Chinese refiners are curbing direct purchases from Lukoil and Rosneft, buyers are seeking Middle Eastern supply, and tankers with Russian crude are idling at sea, with Bloomberg tracking about 380 million barrels afloat in early November.