Abu Dhabi’s International Holding Company (IHC) has expressed an interest in acquiring the foreign assets of Russian oil company Lukoil, reported Reuters.

This news follows the US Treasury’s decision to allow companies to negotiate with Lukoil regarding its overseas holdings, which is valid until 13 December.

Other companies that have shown interest in Lukoil’s global assets include ExxonMobil, Chevron and US-based private equity group Carlyle.

The Treasury’s move follows US-imposed sanctions last month on Russian oil operators Rosneft and Lukoil, aimed at increasing pressure on Russia over the conflict in Ukraine.

These sanctions have resulted in growing challenges for Lukoil’s international operations, which represent around 0.5% of global oil output.

Lukoil operates three refineries in Europe and holds stakes in oilfields in Egypt, Ghana, Iraq, Kazakhstan, Mexico, Nigeria, the United Arab Emirates and Uzbekistan.

The company also operates several retail fuel stations worldwide, including in the US.

Last month, Lukoil agreed in principle to sell its international subsidiary, Lukoil International, to Switzerland-based Gunvor Group.

The agreement outlined that Lukoil would not engage in negotiations with other parties while the deal was pending.

Its completion was subject to Gunvor obtaining approval from the US Office of Foreign Assets Control, along with other relevant authorisations.

However, Gunvor withdrew its bid to acquire Lukoil’s foreign assets within a few days after the US Treasury publicly criticised the deal and signalled its opposition.

Gunvor’s decision comes after the US Treasury called the company a ‘Kremlin puppet’. The US Treasury posted on X: “President Trump has been clear that the war must end immediately."