Austrian businessman Bernd Bergmair, known for his former ownership stake in adult-entertainment conglomerate MindGeek, has approached the U.S. Treasury Department to seek clearance to explore a potential acquisition of Lukoil’s international assets, according to two individuals familiar with the matter.
The outreach comes as global interest intensifies around Lukoil’s overseas operations, which are being pushed into divestment due to sanctions tied to Russia’s war in Ukraine.
U.S. Sanctions Drive Lukoil Toward Forced Divestments
Lukoil, currently the largest privately owned oil producer in Russia, has been heavily restricted under U.S. sanctions aimed at curbing Moscow’s ability to finance its military campaign against Ukraine. These measures have placed direct pressure on the company’s operations outside Russia, prompting it to prepare for the sale of its foreign holdings.
The U.S. Treasury recently issued guidance allowing foreign and domestic companies to initiate preliminary conversations with Lukoil about possible acquisitions. This authorization, which extends through December 13, has triggered a rush of inquiries from prospective buyers. Major U.S. oil companies — including Exxon Mobil and Chevron — are among those that have approached Treasury officials to understand the parameters under which they may engage with the sanctioned firm.
Any eventual sale, however, would still require explicit approval from the U.S. Treasury.
Bergmair Acknowledges Interest, Keeps Key Details Private
Bergmair confirmed through his legal representative that he has contacted U.S. authorities regarding Lukoil’s overseas assets. However, he did not specify which particular holdings he is evaluating or whether he has initiated any direct communication with Lukoil. He also did not comment on whether he is participating independently or as part of a broader investor consortium.
He noted that Lukoil International GmbH, the company’s Vienna-based subsidiary managing global operations outside Russia, would be an attractive opportunity for any investor. Beyond that general comment, he declined to discuss potential transactions.
Individuals familiar with the matter—who requested anonymity due to the sensitive nature of the discussions—said Bergmair’s outreach aligns with broader investor activity since the Treasury signaled its willingness to allow limited engagement. The U.S. Treasury did not comment on whether discussions with Bergmair had taken place.
Inside Lukoil’s $22 Billion International Portfolio
Lukoil’s global division oversees a vast and diverse set of foreign operations spanning refining, fuel retail, and upstream exploration. These include:
- Refineries across Europe, supplying key fuel markets
- Oilfield interests in Kazakhstan, Uzbekistan, Iraq, and Mexico
- An extensive network of fuel stations operating in multiple countries
According to the company’s 2024 filings, these holdings collectively carry an estimated value of $22 billion, making them among the most significant international energy assets currently expected to change hands due to sanctions.
The broad geographic footprint of these operations has captured the attention of both traditional energy players and private investors seeking strategic expansion.
A Business Career Marked by Controversy and Quiet Influence
Although Bergmair has kept a largely low-profile public image, he became widely recognized after investigations connected him to MindGeek, the Luxembourg-based parent company behind Pornhub, RedTube, YouPorn and several other adult-content platforms. Bergmair held a majority stake in MindGeek for years, before the company was sold in 2023 to a Canadian private equity group.
Before shifting into private investment and media, Bergmair worked at Goldman Sachs in New York during the 1990s, building expertise in corporate deals and financial markets. Over the following decades, he expanded his interests across different industries while rarely speaking publicly about his investments.
His potential move toward acquiring assets in the global energy sector marks a significant shift, especially at a time when sanctions compliance and geopolitical scrutiny are at their peak.
Regulatory Hurdles Will Shape Any Potential Deal
Any sale involving Lukoil’s overseas holdings must receive approval from the U.S. Treasury’s Office of Foreign Assets Control (OFAC). The sanctions framework applies broadly, meaning both U.S.-based and international buyers could face consequences if they engage with Lukoil without authorization.
The current window allowing preliminary talks has prompted companies to begin evaluating opportunities quickly, though experts note that achieving final approval will likely involve months of review. U.S. officials will examine whether any transaction could indirectly benefit Russia or undermine sanctions enforcement.
Given the size of Lukoil’s international holdings, any successful buyer is expected to navigate extensive financial, regulatory, and political considerations.
