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US and UK Extend Licenses for Lukoil Asset Sales

Updated 4 times since CLSTR started tracking revisions of this situation.

What changed

2026-08-21 05:20 UTC → 2026-08-24 11:23 UTC · added removed

In late July 2026, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) prolonged the license that permits permitting 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 extension covers 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 including the Burgas refinery in Bulgaria, refinery, the Petrotel refinery in Romania, and a network of over 800 fuel stations across Bulgaria, Romania, Serbia, Croatia, Montenegro, Moldova and North Macedonia. Southeast Europe. 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. valuation. In August 2026, the United Kingdom extended its general license for Lukoil’s four Bulgarian subsidiaries until 29 October 2026. This move, requested by the Bulgarian government, aims to synchronize British and U.S. regulatory regimes to ensure operational continuity and stabilize fuel supplies. continuity. Bulgarian Deputy Prime Minister and Minister of Economy Alexander Pulev stated that the extension is a critical step to ensure the continuous operation of the Lukoil Neftochim Burgas refinery and prevent market volatility or price shocks. The Bulgarian government has designated these facilities as vital to national security to mitigate risks associated with sanctions. On 20 August 2026, OFAC further extended the deadline for transactions related to the sale of Lukoil International GmbH’s foreign assets until 00:01 EDT on 19 September 2026. This extension While this provides additional more time for negotiations and buyers to finalize transactions, every individual deal remains subject to specific OFAC approval. Concurrently, in Serbia, Lukoil Srbija announced the signing sale of conditional agreements for entities where Lukoil holds at least a 50% stake. four mothballed gas stations in Deliblato, Grlište, and Pirot, with an offer submission deadline of 23 September.

Versions

  1. 2026-08-24 11:23 UTC US and UK Extend Licenses for Lukoil Asset Sales
  2. 2026-08-21 05:20 UTC US and UK Extend Licenses for Lukoil Asset Sales
  3. 2026-08-14 08:36 UTC US and UK Extend Licenses for Lukoil Asset Sales
  4. 2026-08-13 13:35 UTC US and UK Extend Licenses for Lukoil Asset Sales
  5. 2026-07-27 10:11 UTC US OFAC License Extension for Lukoil Assets

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