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2025-11-11 07:37:28
[Lukoil's Iraqi Oil Field Shut Down Due to US Sanctions; Bulgaria Plans to Take Over Its Refining Assets] 1. Under escalating pressure from US sanctions, Russian oil giant Lukoil's international operations have suffered a major setback. Sources revealed on Monday that the company has officially declared its West Qurna-2 oil field in Iraq subject to force majeure, while the Bulgarian government is preparing to take over Lukoil's Burgas refinery in the country. 2. This development marks the biggest ripple effect of the US sanctions imposed on Lukoil and other Russian oil companies last month. As part of the Trump administration's strategy to end the conflict in Ukraine, these sanctions are effectively squeezing the international operating space of Russian energy giants. 3. It is understood that Lukoil sent a letter to the Iraqi Ministry of Oil last Tuesday, clearly stating that it could not continue normal operations at the West Qurna-2 oil field due to force majeure. Meanwhile, the asset takeover by Bulgaria further highlights the substantial pressure that Western sanctions are exerting on the overseas operations of Russian energy companies.
