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Bond Market News
Russia’s Lukoil and Rosneft hit by Sanctions from the US
October 23, 2025
The US and the EU announced new sanctions against Russia, targeting its energy sector over the Russia-Ukraine war. US President Donald Trump imposed sanctions on Russia’s two largest oil companies, Lukoil and Rosneft, for the first time in his second term. The US Treasury stated that the companies are funding the war and the measures block their US assets while prohibiting Americans from doing business with them and several of their subsidiaries. Concurrently, EU countries approved their 19th package of sanctions, notably including a ban on Russian LNG imports. This ban is set to take full effect on 1 January 2027, a year earlier than the initial plan, with short-term contracts ending after six months. The combined moves saw oil prices climb by over $2/bbl. Furthermore, the EU package targeted Russia’s “shadow fleet” by listing 117 more vessels, added sanctions on banks in Kazakhstan and Belarus, and included four Chinese-linked oil entities that it believed was involved in circumvention efforts.
Dollar bonds of Lukoil were however trading broadly stable, with its 3.875% 2030s at 72.4, yielding 11.9%.
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