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The presented research is devoted to a comprehensive analysis of PJSC Lukoil's strategic prospects in the context of sanctions pressure and the transformation of the global energy market. The main focus is on three key aspects: mechanisms for circumventing international restrictions (including the current schemes for 2025), the specifics of corporate governance with the dominant role of top management, and the dividend policy as a tool to maintain investment attractiveness. The paper reveals the paradox of simultaneously maintaining operational stability and increasing structural risks associated with technological lag and dependence on a limited number of customers. Based on the analysis of financial indicators and market dynamics, alternative scenarios for the development of Russia's largest private oil holding for the medium term (2025-2030) have been developed, taking into account both the possibilities of further adaptation and potential threats of escalation of sanctions pressure. The results of the study are valuable for understanding the transformation processes in the Russian fuel and energy complex and can be used in developing corporate strategies in conditions of geo-economic instability.
PJSC Lukoil, sanctions restrictions, dividend policy, price discounts, shareholder structure, operating costs, technological risks, market revaluation, oil market
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