Russian oil giant Lukoil PJSC made an unsuccessful attempt to enter the global grain market last year, launching a specialized commodities firm in Dubai, but sanctions by the United States forced the project to shut down.
The Lukoil initiative involved creating a company named Teruva FZCO, after recruiting veteran commodity traders during the 2025 summer to lead the effort. But, the operation was shuttered late last year before it could begin active trading.
The project was disrupted by sanctions imposed by the US in Oct. 2025. These restrictions on Lukoil and oil and gas company Rosneft are the most significant US sanctions imposed in 2025.
According to Bloomberg, by blocking banking channels and making it harder to deal with international third parties the sanctions made doing business unviable.
To lead the venture, Lukoil hired Omar Dbab, a former senior trader for Louis Dreyfus Co, and Leandro Racedo, who had previously worked for major firms like Bunge Global SA, as senior traders. The legal environment became even more tense in December 2025, when the United Kingdom imposed sanctions against Chingiz Aliyev, who had founded Teruva.
Russia’s oil and gas revenues fell by 22% in the first eleven months of 2025, partly due to sanctions. Due to the sharp drop in world oil prices, Lukoil even appealed to the Kremlin for financial assistance. The company has already agreed to sell most of its international assets, Bloomberg wrote. Its trading arm, Litasco, has laid off staff and closed operations in the Middle East.