[5] As part of the international governmental responses to the Russian invasion of Ukraine, the United Kingdom, Canada, Australia and New Zealand have imposed sanctions against Alekperov.

[6][7][8][9] Alekperov was born on 1 September 1950, in Baku, Azerbaijan SSR, one of the earliest centers of the international petroleum industry.

His father, who died when Vagit was a boy, worked in the oilfields all his life and inspired Alekperov to follow in his footsteps.

During a visit to British Petroleum facilities in the United Kingdom in 1990 Alekperov personally headed the Russian delegation at the negotiations.

In November 2000, LUKoil acquired Getty Petroleum Marketing and its 1,300 gas stations in the United States[19] Like many other Russian oligarchs, Alekperov has also moved into banking and media.

[31] Alekperov has repeatedly stated publicly and has confirmed that, according to his will, his stake in Lukoil (over 20% of the company) will be transferred to a specially created charitable foundation.

[32] In 2020 coronavirus pandemic, Lukoil has donated more than RUB 652 million in 22 Russian regions and almost $900 000 dollars in its operation countries abroad.

[33] Alekperov also donated RUB 50 million of personal finances to fight coronavirus in the Republic of Komi.

[35] On 31 August 2020, ahead of Vagit Alekperov's 70th jubilee, Azerbaijani President Ilham Aliyev awarded him with the "Dostlug" Order for his special services rendered to the development of mutual relations between Azerbaijan and the Russian Federation.

[36] On 4 May 2022, Alekperov received the Order "For Merit to the Fatherland" of the first degree for "great contribution to the development of the fuel and energy complex and many years of diligent work".