US extends deadline for Lukoil international asset sales

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has extended the deadline for transactions related to the sale of Lukoil International GmbH’s foreign assets until 00:01 EDT on September 19. This extension provides a window for negotiations and the signing of conditional agreements regarding the company’s international holdings, including entities where Lukoil holds at least a 50% stake.

While the new general license allows for preparatory steps and certain operations necessary to maintain or wind down activities, any final transaction remains subject to individual approval from OFAC. The license does not permit the automatic unfreezing of all blocked assets, nor does it allow transfers of funds to persons or accounts within the Russian Federation.

The sanctions against Lukoil were imposed by the U.S. administration in October 2025 as part of measures to increase pressure on Russia due to the war in Ukraine. The company has since expressed intentions to sell its international assets. This development is particularly significant for Bulgaria, where the Russian energy group operates the Lukoil Neftohim Burgas refinery and an extensive network of approximately 500 gas stations.