Austrian businessman Bernd Bergmair, the former majority owner of the adult entertainment conglomerate MindGeek, has reportedly expressed interest in acquiring the international assets of sanctioned Russian oil giant Lukoil (LKOH.MM), according to sources familiar with the matter.

Context: U.S. Sanctions on Lukoil

The U.S. Treasury Department imposed sanctions on Lukoil, Russia’s largest privately-owned oil producer, as part of efforts to pressure Moscow to end its ongoing war in Ukraine. These sanctions have compelled Lukoil to sell its foreign assets, opening opportunities for multiple potential buyers—including global oil majors such as Exxon Mobil and Chevron—to seek U.S. government approval to engage in negotiations.

Bergmair reportedly approached the Treasury to express interest, though details about which specific assets he is targeting or whether he is acting independently or through an investment consortium remain unclear. A lawyer representing Bergmair declined to comment on the specifics.

“Obviously, Lukoil International GmbH would be a great investment and anybody would be fortunate to have the privilege of owning those assets,” Bergmair said in a statement.

Lukoil International’s Global Holdings

Lukoil International GmbH, based in Vienna, oversees a portfolio of international operations, including:

• Refineries across Europe
• Stakes in oil fields in Kazakhstan, Uzbekistan, Iraq, and Mexico
• Hundreds of retail fuel stations worldwide

According to 2024 filings, these assets are valued at approximately $22 billion. Interest from investors has surged since the U.S. Treasury granted preliminary clearance last month for companies to begin talks with Lukoil. The Treasury’s authorization is set to remain in effect until December 13, 2025, with final approval required for any completed deals.

Bernd Bergmair’s Background

Bergmair has a diverse professional history, including experience as an investment banker at Goldman Sachs in New York during the 1990s before transitioning to private investments. He was the majority owner of MindGeek, the Luxembourg-based adult entertainment company that operated websites such as Pornhub, RedTube, and YouPorn, until its sale in 2023 to a Canadian private equity firm for an undisclosed sum.

In 2021, The Sunday Times Rich List estimated Bergmair’s net worth at £1.2 billion ($1 ≈ 0.7551 pounds). His pursuit of Lukoil assets demonstrates a shift from digital media to global energy investments.

Implications for Global Energy Markets

Bergmair’s interest reflects the growing international competition to acquire strategic Russian energy assets amid geopolitical tensions and U.S. sanctions. Lukoil’s foreign holdings represent a rare opportunity for investors to secure high-value energy infrastructure outside Russia, including refineries, oilfields, and retail operations spanning multiple continents.

As the deadline for U.S. Treasury authorization approaches, investors and energy market analysts will closely monitor developments, given the potential impact on global oil supply, energy markets, and international investment flows.