Kazakhstan to Assess Economic Impact of Sanctions on LUKOIL by End of Week

Kazakh Energy Minister Yerlan Akkenzhenov has said that the government plans to evaluate the potential impact of international sanctions on Russian oil giant LUKOIL on the national economy by the end of this week.

“Sanctions are being studied, and their effect on companies and the broader economy still needs to be assessed. I believe we will have a decision in the coming days, by the end of this week,” Akkenzhenov told journalists, The Caspian Post reports via Russian media.

The announcement comes after LUKOIL revealed plans to sell its international assets in response to sanctions imposed by the US, UK, and EU.

Nurlan Zhakupov, head of Kazakhstan’s Sovereign Wealth Fund Samruk-Kazyna, said the country has already begun examining the situation, including consultations with international advisors.

“This is a complex issue. LUKOIL has been added to sanctions lists, and the company has operated in Kazakhstan for more than 30 years, participating in major projects such as Tengiz and Kalamkas-Khazar, among others. The situation is very complex and multifaceted,” Zhakupov explained.

For Kazakhstan, LUKOIL has historically been a reliable partner for KazMunayGas. At the same time, the country is committed to complying with national laws and international sanctions measures.

Zhakupov added that a final decision on how to address the situation could be made within the next few weeks.

LUKOIL has been active in Kazakhstan since 1995, holding stakes in major oil and gas projects including Karachaganak, Tengiz, Kumkol, Kalamkas-More, and Khazar, as well as a share in the Caspian Pipeline Consortium (CPC).