Former Pornhub owner eyes buying sanctioned Lukoil assets—report

Business

3 December 2025, 09:55 PM

Austrian businessman Bernd Bergmair, former owner of MindGeek, which operates adult content website Pornhub, has indicated to the U.S. Treasury Department he is interested in acquiring overseas assets of sanctioned Russian oil giant Lukoil, Reuters reported on Dec. 3.

Communicating with the reporters through his lawyer, Bergmair declined to specify which assets he is targeting, whether he had approached Lukoil directly, or if he was acting as part of a group of investors.

“Obviously Lukoil International GmbH would be a great investment, and anybody would be fortunate to have the privilege of owning those assets,” Reuters quoted the response.

“I don’t comment on potential investments as a matter of course.”

Interest in Lukoil’s overseas holdings surged after the U.S. Treasury granted the companies a license through Dec. 13 to negotiate an orderly sell-off. Vienna-based Lukoil International GmbH owns oil refineries in Europe; stakes in fields in Kazakhstan, Uzbekistan, Iraq, and Mexico; and hundreds of retail gas stations worldwide. In its 2024 report, the company valued these assets at about $22 billion.

In 2021, the Sunday Times estimated Bergmair’s fortune at least GBP1.2 billion ($1.6 billion).

Earlier reports by Reuters said Exxon Mobil had informed Iraq’s Oil Ministry of its interest in buying Lukoil’s controlling stake in the West Qurna-2 field.

On Oct. 22, the United States applied its first new Russia sanctions under President Donald Trump’s second administration, targeting the country’s largest oil companies — Rosneft and Lukoil. The Office of Foreign Assets Control (OFAC) announced the sanctions “due to Russia’s lack of serious commitment to a peace process to end the war in Ukraine.”

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