Lukoil stations in Georgia may face banking restrictions despite country’s non-alignment with sanctions, opposition figure

Gotsiridze emphasized that while the brand’s retail network attracted public attention, Lukoil’s main source of income was oil trading, where the US sanctions would cause the company “severe difficulties"

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Front News Georgia
Opposition politician Roman Gotsiridze has warned that although Georgia was not a party to Western sanctions against Russia, Lukoil-branded fuel stations in the country could soon encounter operational difficulties if their ownership structure is traced to Russian entities.
In an interview with Front News on Thursday, Gotsiridze explained that banking institutions were likely to suspend accounts of companies directly or indirectly controlled by Russia’s sanctioned energy firms, including Lukoil and Rosneft.
“If the owner of Lukoil stations in Georgia is a Russian company, the stations will not be closed immediately, since Georgia has not joined the sanctions. However, banks will freeze their accounts, payment terminals will stop operating, and cash proceeds will not be accepted for deposit,” he said.
According to Gotsiridze, such restrictions would effectively paralyze normal operations, forcing the company to sell shares or restructure ownership so that sanctioned Russian entities hold less than 50%.
“That would be a way out of the situation - similar to what happened with Borjomi,” he added.
The former MP also commented on the situation abroad, noting that Lukoil stations in the United States remained open because most of them were franchise operations owned by American individuals or companies.
“Sanctions apply only where 50% or more of ownership belongs to Lukoil. In the US, most stations are franchises. Different states have different approaches, and it takes time and legal procedures to enforce such measures. Moreover, the fuel sold there is not Russian,” Gotsiridze explained.
Gotsiridze emphasized that while the brand’s retail network attracted public attention, Lukoil’s main source of income was oil trading, where the US sanctions would cause the company “severe difficulties.”
The remarks follow Washington’s decision to impose sweeping sanctions on Russia’s two largest oil companies - Rosneft and Lukoil - as part of a broader effort to restrict Moscow’s access to global energy markets.
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Roman Gotsiridze