Mexico Oil Sector Shake-Up: Carlos Slim’s Acquisition of Lukoil’s Asset & the Ripple Effects of OFAC Sanctions

The recent announcement that Grupo Carso (led by Slim) is acquiring Lukoil’s Mexican subsidiary for ~$270M has caught the market’s attention

This deal reflects how U.S. Treasury Department sanctions (via OFAC) on Russian energy giants are reshaping global asset ownership, including here in Mexico’s energy space. As Lukoil faces heightened restrictions, divesting foreign assets becomes a commercial choice driven by sanctions.

Sanctions as a Market Force
OFAC’s actions against Lukoil and other Russian energy companies have made continued operations abroad increasingly complex and risky. Financing, banking access, and cross-border commerce are all impacted, creating an incentive to exit non-core assets. The Mexican sale is one such example.

Compliance Challenges for Mexican Buyers
Mexican entities participating in deals tied to sanctioned companies must confront a complex compliance landscape. Even without direct sanctions exposure, these transactions often involve U.S. dollars, international banks, and U.S. legal jurisdiction, all of which elevate the importance of robust OFAC due‐diligence and licensing.

US Companies and Secondary Risk
For U.S. businesses working with Mexican energy partners, this raises important considerations around secondary sanctions risk. Ensuring that counterparties are not inadvertently exposed to prohibited parties has never been more important.

Sanctions are shaping the energy investment landscape in ways that extend far beyond the country of issuance and both Mexican entities and U.S. companies should be proactive in managing compliance, risk, and strategic positioning.