Iraq approves amicable settlement with Lukoil over West Qurna 2 oil field transfer
Iraq approved a settlement with Lukoil for the transfer of the West Qurna 2 oil field. This follows nationalization amid US sanctions against the Russian firm.
Insights:
The Iraqi cabinet today, February 17, 2026, approved an amicable settlement to transfer operations of the West Qurna 2 oil field from Lukoil, an energy firm based in Russia 
RU, to the state-run Basra Oil Company. This decision resolves the immediate operational control of one of the world's largest oilfields following the nationalization of the asset by Iraq 
IQ last month, a move that followed sanctions placed on the Russian firm by the United States 
US.
RU, to the state-run Basra Oil Company. This decision resolves the immediate operational control of one of the world's largest oilfields following the nationalization of the asset by Iraq IQ last month, a move that followed sanctions placed on the Russian firm by the United States US.
