The Office of Foreign Assets Control (OFAC) to The US Treasury Department has officially extended the deadline for the sale of the international assets of the Russian oil company “Lukoil“ until July 25, 2026. The decision gives additional technological time to potential buyers to finalize negotiations for the acquisition of the assets, valued at a total of $22 billion.
The previous deadline expired on June 27, and the new decision is another short-term postponement, aimed at preventing market chaos and providing legal certainty for applicants.
Strict control and blocked funds
“Lukoil“s international portfolio includes strategic oil fields, refineries and gas station chains from Iraq to Finland. The assets were blocked by Washington in October 2025 as part of a large-scale package of sanctions against the Russian energy sector.
The negotiations are being conducted under the direct supervision of the US Treasury Department, headed by Scott Besant. According to OFAC rules, the Russian company is not entitled to receive advance payments, and all funds from potential deals will be transferred to special frozen accounts under US jurisdiction. So far, over 10 serious candidates have shown interest in the portfolio, including the American energy giant ExxonMobil. Each final deal will require individual approval from Washington.
What does this mean for Bulgaria?
The extension of the negotiation period until July 25, 2026 directly affects the Burgas refinery, which is the largest and most strategic international asset of the Russian holding in the Balkans. This prevents the blocking of negotiations with potential buyers (among which there are over 10 candidates) and gives legal time to evaluate the offers.
Since the final sale requires the explicit approval of Washington, the license ensures that the assets in Bulgaria can only pass into the hands of a buyer who meets the US national security requirements.
The most important change for Bulgarian consumers and businesses to date is the lack of tremors. In parallel with the negotiation license, the specific OFAC General License 130A is also in force, which allows commercial transactions with the Bulgarian companies of “Lukoil“ until October 29, 2026. This means that:The refinery in Burgas continues to operate and supply fuels normally.
The retail network of gas stations (over 200 sites in our country) operates without banking and logistical restrictions. The risk of a serious energy and logistical crisis in the Balkan region during the summer is avoided season.