“Russian international business is rapidly degrading: Lukoil sells all foreign assetsThe sale of LUKOIL International GmbH for $22 billion and the loss of Gazprom Germania by Gazprom indicate the degradation of
Russia’s international business. Sberbank and VTB also lost their European assets.
”, — write: unn.ua
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The sale by Lukoil of LUKOIL International GmbH, which owns all its foreign assets, has become the most striking signal of the degradation of Russia’s international business since the beginning of the full-scale war against Ukraine. The company’s foreign portfolio, estimated at $22 billion, is being transferred to the American investment fund Carlyle Group, effectively ending the history of Russian private business expansion abroad. This collapse is not isolated. In 2022, Gazprom lost Gazprom Germania (estimated at $8.4 billion), which Germany first placed under external management and then nationalized.
In addition, according to preliminary data, Poland deprived the concern of control over Europol Gaz, the operator of the Polish section of the Yamal-Europe gas pipeline, which in 2023 came under the full control of the state-owned Orlen.
In 2022, Rosneft lost control over Rosneft Deutschland and RN Refining & Marketing with a total estimated value of about $7 billion, along with stakes in three German refineries. Novatek was forced to part with its Polish assets Novatek Green Energy, which were acquired by Barter in 2025.
The banking sector also suffered serious losses. Sberbank sold or liquidated all its European assets – from Switzerland to Austria, lost its bank in Ukraine, and exited Kazakhstan. After blocking US sanctions, VTB lost control over its divisions in the UK, Germany, and Cyprus. Alfa-Bank was left without Amsterdam Trade Bank in the Netherlands and without the Ukrainian Sense Bank, which was nationalized in 2023.
State corporations and industrial groups were also forced to curtail their presence: Russian Railways sold 75% of GEFCO, Rosatom lost the Finnish Hanhikivi-1 project, etc.
RecallFinancial analysts predict the closure of up to 30% of small and medium-sized businesses in Russia due to increased VAT and restricted access to the simplified tax system. This is a consequence of the budget crisis caused by the war.