Romania signals plans for state control of Lukoil's assets
Illustrative photo: Russian company Lukoil (Getty Images)
Romania has approved a decree allowing the state to take control of Russian Lukoil's assets due to sanctions, Reuters reports.
The Romanian government has gained the authority to appoint special administrators for companies under international sanctions if their activities threaten energy security, cause price spikes, or disrupt key economic sectors. The measure primarily targets the Russian oil giant Lukoil, which is subject to major sanctions.
However, the new powers can only be exercised with prior approval from Romania’s Supreme Council of National Defense.
Prime Minister Ilie Bolojan said the government will decide in December whether to place Lukoil's Romanian fuel stations under state control as well. Energy Minister Bogdan Ivan added that three companies are already in talks with Lukoil about a possible purchase of its assets.
Lukoil owns 320 fuel stations in Romania, operates the country's third-largest oil refinery, and holds exploration rights in the Trident section of the Black Sea. The company currently holds an 85% stake in the Trident and Est Rapsodia blocks, with the state-owned gas company Romgaz holding a minority share. Lukoil's exploration license is valid until the first half of 2026.
Sources in the Energy Ministry say initial drilling results did not indicate significant gas reserves, though authorities continue to closely monitor developments.
Meanwhile, the refinery, covering about a quarter of Romania's fuel needs, has been shut down for technical maintenance for several weeks. The government insists the country has sufficient fuel reserves to avoid sharp price increases that could further fuel inflation, currently the highest in the EU.
It remains unclear whether Romania will ultimately use its new powers.
Last month, Bulgaria passed a similar law allowing the state to take control of Lukoil’s refinery, becoming the first EU country to directly intervene in the operations of a Russian energy company under sanctions. Bulgarian officials said the measure was necessary to ensure energy security and prevent fuel price spikes.
On November 30, Ukraine imposed sanctions on Rosneft, Lukoil, and several Russians involved in organizing the systematic use of drones to attack Ukrainians.
In the United States, President Donald Trump imposed sanctions on Russia’s two largest oil companies, Rosneft and Lukoil, in October, aiming to pressure Vladimir Putin into negotiations with Ukraine.
At the end of November, it also became known that the UK government delayed sanctions against Lukoil, allowing transactions with the company’s international division until the end of February 2026.
