A $20bn deal to transfer Lukoil's overseas oil business to US private equity group Carlyle has been stuck in US government approval for almost 10 months, leaving three European refineries with roughly 400,000 barrels a day of capacity largely idle. The transaction, which would sever the Russian oil company from assets across 17 countries, received clearance from the US Treasury's Office of Foreign Assets Control (Ofac) but awaits final sign‑off from the Trump administration. Inter‑agency review involving the National Security Council, State Department and Department of Energy has stalled the process.

Carlyle says the deal could bring 100,000‑150,000 b/d of additional refined product online, easing a diesel shortage driven by Middle East conflict and Ukrainian attacks on Russian refineries. Lukoil's European portfolio includes refineries in Bulgaria and Romania and a 45% stake in the Zeeland plant in the Netherlands; the Petrotel refinery in Romania has been offline since routine maintenance last year. Washington sanctioned Lukoil last October, and the US previously blocked a Gunvor bid.

Temporary licences keep the assets operating until October 22. The delay coincides with Congress passing the Lindsey Graham bill targeting Russian energy and defence sectors.