Golden Power
Golden Power is Italy's government veto right over foreign takeovers of strategic assets — including energy infrastructure — established under Decree-Law 21/2012 and expanded in 2020-2022 to cover critical supply chains.
Last refreshed: 15 June 2026 · Appears in 1 active topic
Can Rome block the Lukoil refinery sale while Washington's sanctions clock runs?
Timeline for Golden Power
Two sanctions clocks pull opposite ways
European Oil Markets- What is Italy's Golden Power and can it block foreign energy deals?
- Golden Power is Italy's strategic-veto mechanism over foreign acquisitions in sectors such as energy. The government has 45 working days to impose conditions or prohibit a deal. In 2026 it was invoked over the sale of the Lukoil-owned ISAB refinery in Sicily.Source: Legislative Decree 21/2012
- Why did Italy use Golden Power on the Lukoil ISAB refinery sale?
- ISAB at Priolo Gargallo processes roughly 20% of Italy's refined product supply. Rome issued a conditional Golden Power signal to protect continuity of that supply while an OFAC transaction licence under General License 131F remained outstanding before the 27 June deadline.Source: Lowdown european-oil-markets briefing
- How does Italy's Golden Power compare to other EU investment screening mechanisms?
- Italy's mechanism is a national-level veto analogous to France's Decree 2019-1590 and Germany's Foreign Trade and Payments Act (AWG) powers. Since 2022, the EU Foreign Subsidies Regulation adds a parallel layer for transactions involving state-subsidised acquirers, creating two separate review tracks.Source: European Commission
- What conditions can Italy attach to a Golden Power clearance?
- Conditions typically include workforce-retention commitments, supply-continuity guarantees, government representation on the board, and restrictions on asset transfers. Non-compliance can result in unwinding of the transaction after completion.Source: Legislative Decree 21/2012
Background
Golden Power is Italy's national security review mechanism for foreign acquisitions of strategic assets. Established by Legislative Decree 21/2012 and substantially expanded in 2020 and 2022, it grants the Italian government a veto over transactions that could compromise national interests in sectors including energy, transport, communications, and defence. In June 2026, the mechanism became the pivotal variable in the sale of the Lukoil-owned ISAB refinery at Priolo Gargallo, Sicily. Rome issued a conditional Golden Power signal endorsing the transaction in principle while a transaction licence from OFAC's General License 131F remained absent, leaving the deal's closure uncertain before the 27 June deadline .
The mechanism works by requiring acquirers of designated strategic assets to notify the Presidency of the Council of Ministers, which then has 45 working days to impose conditions, prohibit the transaction, or allow it to proceed. An unconditional no-objection is the fastest outcome; conditions impose operational requirements (workforce retention, supply continuity, government board seats) that bind the acquirer post-close. The ISAB refinery case is Italy's most politically significant Golden Power invocation in energy: the refinery processes roughly 20% of Italy's refined product supply, and its continued operation on Russian-origin crude was under simultaneous OFAC scrutiny.
Golden Power sits at the intersection of EU state-aid rules, WTO market-access disciplines, and bilateral investment treaties. The 2020 and 2022 expansions, driven by pandemic supply-chain concerns and Russia's 2022 invasion, dramatically widened the list of strategic sectors. Other EU member states operate analogous mechanisms, and the European Commission's Foreign Subsidies Regulation now adds a parallel EU-level layer. Italy's conditional signal on ISAB is the first major test of a Golden Power invocation in a transaction under simultaneous US sanctions pressure.
