Hungary's MOL Expresses Interest in Acquiring Sanctioned Lukoil Assets

MOL Seeks Lukoil Assets Amid Sanctions Pressure

Hungary's MOL has officially communicated its interest to U.S. officials regarding the acquisition of international assets belonging to the sanctioned Russian oil giant Lukoil. This development comes as Lukoil is undergoing a divestment process driven by U.S. sanctions, which were initially imposed in October 2025.

Sources familiar with the matter, as reported on December 4, 2025, indicate that MOL is particularly interested in Lukoil's refineries and fuel stations in Europe, alongside its stakes in oil-producing assets located in Kazakhstan and Azerbaijan.

Lukoil's Divestment Under U.S. Sanctions

The United States imposed sanctions on Lukoil, Russia's largest privately-owned oil producer, as part of broader efforts to pressure Moscow regarding the ongoing conflict in Ukraine. These restrictive measures have compelled Lukoil to announce the sale of its foreign assets.

Lukoil's international portfolio is extensive, encompassing refineries in European countries such as Bulgaria and Romania, a 45% stake in a Dutch refinery, and shares in oilfields across Kazakhstan, Uzbekistan, Iraq, and Mexico, in addition to hundreds of retail fuel stations globally.

The U.S. Office of Foreign Assets Control (OFAC) issued a license for the wind-down of business with Lukoil by November 21, 2025. Lukoil is currently in discussions with several potential buyers, including major oil companies like Exxon Mobil and Chevron, as well as Middle Eastern investors. A December 13 deadline has been set by the U.S. for these sell-off transactions, though Lukoil may seek an extension if necessary.

Hungarian Strategic Interests and Diplomatic Context

The interest from MOL is set against a backdrop of Hungary's significant reliance on Russian energy. Hungarian Prime Minister Viktor Orban reportedly discussed MOL's plans with U.S. President Donald Trump during a meeting in November 2025. This meeting also resulted in Hungary receiving a one-year waiver from U.S. sanctions, allowing it to continue utilizing Russian oil and gas.

MOL's pursuit of Lukoil's assets aligns with its long-term strategy of diversification and regional expansion. The Hungarian company is also reportedly seeking to acquire the Russia-owned Serbian refiner NIS, which is also under U.S. sanctions.

Neither the U.S. Treasury Department nor MOL and the White House have provided immediate comments on the matter.