President Donald Trump’s administration has extended by three weeks a sanctions reprieve for Russian oil company Lukoil, which is trying to sell its overseas assets, the US Treasury Department said in a press release.
Restrictions that could hinder those transactions will not take effect until December 13. Until the same date, Lukoil is allowed to conduct transactions related to the servicing, operation or wind-down of its retail gas stations located outside Russia.
In addition, transactions involving Lukoil and Rosneft, as well as their subsidiaries, are permitted when related to the Caspian Pipeline Consortium (CPC), Tengizchevroil and the Karachaganak field development project.
The license authorizes “all transactions” related to the operational activities of CPC, Tengizchevroil and the Karachaganak project, but does not allow “any transactions for the sale or transfer” of equity in CPC, Tengizchevroil or Karachaganak, the document says.
The US Treasury issued a separate license allowing Lukoil to continue operating in Bulgaria. That includes the company’s Neftochim Burgas refinery, which supplies around 80% of Bulgaria’s fuel market, and companies that refuel aircraft and ships. Their activities are exempt from sanctions until April 29, 2026.
On the same day, November 14, the UK Treasury’s Office of Financial Sanctions Implementation extended until February 14, 2026 the license that, despite sanctions, permits transactions with Lukoil’s Bulgarian subsidiaries — Lukoil Bulgaria EOOD and Lukoil Neftochim Burgas AD.
Russian oil producers Lukoil and Rosneft, along with 34 of their subsidiaries, were hit with sanctions by Washington and London in October amid Russia’s ongoing war against Ukraine.
Lukoil subsequently moved to sell its overseas assets. The first prospective buyer was Swiss commodity trader Gunvor, co-founded by Gennady Timchenko, a friend of Russian President Vladimir Putin. The US blocked the deal and refused to grant the company a business license until the war in Ukraine ends, citing Gunvor’s ties to Moscow.
After that, Lukoil asked Washington for more time to complete asset sales, Reuters reported.
One possible buyer, the agency said, is US investment firm Carlyle, which is in the “early stages” of evaluating a deal.
Bloomberg reports Lukoil is the Russian company with the broadest international footprint.
It holds stakes in refineries across Europe and significant interests in oil fields from Iraq to Kazakhstan. The brand also appears on gas stations from the United States to Belgium and Romania, the report notes.
