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5 Things to Know Today: BoC Hike Bets, TSX Slide, Oil Near $100 (Oct. 23)

  Canadian Money Brief • Friday, October 23, 2026 The Bank of Canada decision is five days away, the TSX gave back most of Wednesday's gains, and oil is flirting with US$100 again. Here are the five things Canadian wallets need to know today. 1. Markets Lean Toward a Bank of Canada Hike on Oct. 28 A decision that looked like a ninth straight hold is now a genuine coin flip with a hawkish tilt. After Governor Tiff Macklem warned that there is "no resolution in sight" for the Middle East conflict, BMO and Desjardins flipped to a hike call, Scotiabank firmed up its call and Goldman Sachs joined them, all looking for a quarter-point move to 2.50%. Overnight swaps priced about an 87% chance of a hike earlier this week, though other economists still argue for a hold, pointing to September's 68,000 job losses and a 6.5% unemployment rate. What it means for you: A quarter-point hike adds roughly $21 a month in interest for every $100,000 of variable-rate borrowing (HELOCs an...
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Lukoil Moves to Divest Global Holdings Amid Escalating Sanctions

                            General view of Orsknefteorgsintez oil refinery in the Orenburg region.


Russia’s second-largest oil producer, Lukoil, has announced plans to sell off its international assets in response to a fresh wave of Western sanctions targeting the company and its subsidiaries. The move marks one of the most significant corporate retreats by a Russian energy giant since the start of sanctions linked to the war in Ukraine.

In a statement, Lukoil said the decision was made “owing to the introduction of restrictive measures” and confirmed that it has already begun considering bids from potential buyers. The sales process is being conducted under a U.S. Office of Foreign Assets Control (OFAC) wind-down license, which allows the company to continue operating its overseas businesses temporarily while transactions are finalized. Lukoil also indicated it may seek an extension of this license to ensure uninterrupted operations during the transition.

The company’s international portfolio is extensive, spanning refineries in Italy and the Netherlands, as well as upstream projects in Iraq, Uzbekistan, and West Africa. Its largest foreign holding is a 75% stake in Iraq’s West Qurna-2 oil field, one of the world’s biggest reserves.

The sanctions, imposed by the United States and Britain in October 2025, targeted both Lukoil and Rosneft, along with dozens of subsidiaries and shipping assets, in an effort to further restrict Russia’s energy revenues. Analysts suggest that the forced divestment could reshape global energy markets, particularly in Europe, where Lukoil has maintained a strong downstream presence.

While the company has not disclosed potential buyers, industry observers expect interest from Middle Eastern and Asian firms seeking to expand their global footprint. However, the sales process is likely to be complicated by the sanctions regime, which could deter Western-linked bidders.

Lukoil’s decision underscores the growing pressure on Russian energy companies as sanctions continue to tighten, forcing them to scale back international ambitions and refocus on domestic operations.


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