On October 22, 2025, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced significant new sanctions for

US sanctions have also cast uncertainty over Kazakhstan’s second offshore greenfield in the northern part of the Caspian Sea, Kalamkas–Khazar, where Lukoil has a 50% stake and operatorship, with Kazakh state company KazMunayGaz holding the remaining interest.

The United States imposed sanctions on Russian oil companies Rosneft and Lukoil on October 22, followed by the European Union, which completely banned transactions with both companies the next day.