US OFAC License Extension for Lukoil Assets

In late July 2026, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) prolonged the license that permits transactions involving Lukoil International GmbH’s overseas holdings. The first notice, posted on July 24, set the deadline for permitted dealings to 00:01 CET on 22 August 2026 and covered the Russian firm’s gas‑station network and its Bulgarian assets, with the license remaining effective through 29 October 2026.

A follow‑up announcement on July 27 pushed the deadline for the general license back again to 22 August 2026, after an earlier expiry on 25 July. The extension allows buyers to continue due‑diligence and negotiate conditional agreements on Lukoil’s portfolio in Southeast Europe, which includes the Burgas refinery in Bulgaria, the Petrotel refinery in Romania, and a network of over 800 fuel stations across Bulgaria, Romania, Serbia, Croatia, Montenegro, Moldova and North Macedonia. Discussions with U.S. investment firm Carlyle Group suggest a potential $22 billion valuation, while separate licenses keep the refineries and retail outlets operational, averting immediate fuel‑supply disruptions.

Both extensions reflect the ongoing challenge of disposing of a strategically significant oil asset base under U.S. sanctions imposed after Russia’s war in Ukraine.