Race to Run Lukoil Assets Heats Up With Days to Sanctions (1)

Governments across Europe and the Middle East are rushing to ensure the sprawling oil operations of Russian energy giant Lukoil PJSC can keep running after the US Treasury sanctioned the company and then quashed a key bid for its assets last week.

Russia’s second-largest oil company runs a vast international operation that includes oil fields, refineries and filling stations. It was sanctioned by both the US and UK last month with a brief window — until Nov. 21 — to end current dealings with the company.

The problem appeared until last week to have a neat solution, with the energy ...