The Office of Foreign Assets Control of the US Treasury Department (OFAC) has extended until September 19 the license expiring on August 22, which allows negotiations and the conclusion of preliminary agreements with "LUKOIL" for the sale of LUKOIL International GmbH or any company controlled by it, AFP reported.
In this case, each transaction must be approved with a separate OFAC permit.
On October 22, 2025, OFAC imposed sanctions against "LUKOIL" and a number of its subsidiaries. After that, the company announced its intention to sell its foreign assets. "LUKOIL" received and accepted a takeover offer from international commodities trader Gunvor, with key terms agreed between the parties.
However, the deal was not approved by the US Treasury Department.
At the end of January 2026, "LUKOIL" entered into an agreement with the US investment company Carlyle for the sale of LUKOIL International GmbH. The agreement is awaiting approval from OFAC.
Transactions with the oil refining company's gas stations outside Russia and with the company's Bulgarian assets were approved by October 29, 2026.
The restrictions did not affect oilfield services and other services related to the CPC and the "Tengizchevroil" and "Karachaganak" projects.
At the time of the imposition of sanctions, "Lukoil" participated in projects in Azerbaijan, Kazakhstan, Uzbekistan, Iraq, Egypt, Cameroon, Nigeria, Ghana, Mexico, the UAE and the Republic of Congo.
The Russian energy company owns refineries in Bulgaria, Romania, the Netherlands, as well as a network of gas stations in 19 countries, numbering about 2.5 thousand sites.
"Lukoil" offered to sell the assets after the United States imposed sanctions on the company and its Kremlin-controlled rival "Rosneft" in October in an attempt to push Russia towards a peace agreement with Ukraine.
More than a dozen companies have submitted bids for "Lukoil" assets, which are valued at about $22 billion. The assets include oil and gas production projects, refining and more than 2,000 gas stations in Europe, Central Asia, the Middle East and North and South America.