On May 15, 2025, the US Department of the Treasury announced the lifting of anti-Russian sanctions on the Caspian Pipeline Consortium (CPC) and the Kazakh company Tengizchevroil, allowing all operations prohibited in January 2025, including receiving oilfield services from foreign companies. This was reported by the press service of the department, publishing license No. 124 on its website. The decision was an important step to ensure the uninterrupted export of Kazakh oil, of which CPC provides more than 80%, and to maintain the operation of one of the largest oil fields in the world - Tengiz.

The main reason for the exclusion from the sanctions list is said to be the significant participation of Western shareholders in both companies. In CPC, 15% of the shares belong to the American Chevron, 7,5% to ExxonMobil, 2% to the Italian Eni, as well as shares of other international companies, including Shell and BP. Tengizchevroil is controlled by American businesses by three quarters: Chevron owns 50%, ExxonMobil - 25%, while Kazakhstan's KazMunaiGas has 20%, and Russia's LUKOIL - 5%. As Reuters notes, the presence of large American corporations was a key factor that prompted the US Treasury Department to soften restrictions in order to protect the interests of Western investors and maintain stability in the global oil market.

CPC is a strategically important project that ensures the transportation of oil from fields in Western Kazakhstan, including Tengiz, Karachaganak and Kashagan, to the marine terminal in Novorossiysk. In 2024, the pipeline pumped 63 million tonnes of oil, of which 26,82 million tonnes came from Tengiz, 17,21 million tonnes from Kashagan and 9,82 million tonnes from Karachaganak. This accounts for about 80% of Kazakhstan’s total oil exports, making CPC critical to the country’s economy. Tengizchevroil, which develops the Tengiz field with reserves of 3,1 billion tonnes, produced 2024 million tonnes of oil in the first half of 14,4, which is 3,4% less than a year earlier, but still remains a key source of income for Kazakhstan.

The sanctions, imposed in January 2025, banned operations related to oil production and transportation on Russian territory, including the export and re-export of oilfield services. This posed a threat to the CPC’s operations, as the pipeline partially passes through Russian territory, and to Tengizchevroil, which relies on international contractors. In January, the US Treasury’s Office of Foreign Assets Control (OFAC) temporarily authorized oilfield services for CPC, Tengizchevroil, and the Sakhalin-2 project until June 28, 2025, but the new license lifts the restrictions permanently, which is welcomed in Astana.