The US has extended until November 21, 2026 the term of the license that allows negotiations for the sale of the foreign assets of the Russian oil company “Lukoil“. The previous permit expired on October 22. The new document was issued by the Office of Foreign Assets Control of the US Treasury Department and is numbered 131K.
The permit covers Lukoil International GmbH – the company through which “Lukoil“'s international assets are held – as well as the companies it controls. It allows potential buyers to negotiate, conduct financial, legal and operational due diligence and sign conditional contracts.
„Each transaction must be subject to a separate OFAC clearance.This means that the extension of the license is not an approval for the sale. According to the terms of the US authorities, the actual transfer of assets can only take place after a new clearance. The money owed to „Lukoil“ must remain blocked in an account under US jurisdiction while the sanctions against the company are in force.
Previous deals did not reach completion
The US imposed sanctions on „Lukoil“ and several of its subsidiaries on October 22, 2025 as part of pressure on Russia over the war in Ukraine. The Russian company then announced its intention to sell its international assets, valued at around $20-22 billion.
Initially, “Lukoil“ accepted an offer from international commodities trader “Gunvor“, but the deal fell through after the US Treasury Department refused to approve it. At the end of January 2026, the company signed an agreement with the US investment group Carlyle Group to sell its international business. This agreement also failed to receive the necessary approval and expired at the end of July.
Negotiations continue
The new license gives additional time to search for a buyer and prepare a possible deal, but does not guarantee its conclusion. On October 21, the Kremlin confirmed that Russia and the US are discussing the future of “Lukoil“s international assets. According to information from “Interfax“ any final agreement will remain dependent on a separate decision by OFAC.
Until November 21, only contracts can be signed whose implementation is explicitly dependent on subsequent approval by the US authorities.