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Bond Market News
Gazprom Files €219mn Lawsuit; Lukoil To Sell International Assets
October 28, 2025
Gazprom has filed a €218.5mn lawsuit against German engineering firm Linde and two of its affiliated companies, as well as the law firm Pinsent Masons, in the Arbitration Court of St. Petersburg and Leningrad Region. The case, submitted on October 17, seeks damages to be paid in rubles at the exchange rate on the payment date, with a preliminary hearing scheduled for 21 January 2026. The dispute adds to a series of legal actions in Russia involving Linde, which faces multiple lawsuits related to the termination of gas projects and technical issues following Western sanctions. Notably, Linde is a defendant in cases concerning the Ust-Luga gas project, the Amur Gas Processing Plant, and the Portovaya LNG facility, where work continued without Linde’s technical support after sanctions were imposed.
Separately, Lukoil, Russia’s second-largest oil producer, announced plans to sell its international assets after new US sanctions targeting the company. The move marks the most significant corporate reaction yet by a Russian company to Western sanctions since the conflict began in 2022. Lukoil said the sale would proceed under a US OFAC wind-down license, with an option to seek an extension to maintain uninterrupted operations. The company has already begun considering bids from potential buyers but did not specify which assets are for sale. Lukoil’s largest foreign holding is a 75% stake in Iraq’s West Qurna 2 oil field, one of the world’s biggest, producing around 480,000 bpd. Its other major assets/projects are spread across Europe, Central Asia, Africa, and Latin America. The sanctions, also backed by Britain, aim to further restrict Russia’s energy revenues by targeting major firms and the so-called “shadow fleet” of tankers used to move Russian oil.
Dollar bonds of both the entities held broadly stable. For instance Gazprom’s 2.95% 2029s were at 72.28, yielding 13.85% and Lukoil’s 3.875% 2030s were at 72.98, yielding 11.75%
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