UK extends Lukoil’s business deadline by three months

Lukoil International companies have been permitted to continue business operations until February 2026.

IMAGE: Lukoil's oil refining units. Getty Images

Over the weekend, the UK’s Office of Financial Sanctions Implementation has extended its deadline, allowing transactions with Lukoil’s international business until 26 February.

The Russian oil major continues its attempts to finalise a deal for its assets, after it was sanctioned by the United Kingdom in mid‑October and was subsequently added to the US sanctions list.

The general licence has been in effect since 27 November 2025.

Under the licence from the Treasury, until 26 February 2026, any persons who are not subject to sanctions may enter into agreements with Lukoil International and its subsidiaries and may make payments between other counterparties.

However, funds must be paid into a blocked account or may be paid only after Lukoil International has ceased to be under the control of the parent company.

Last month, the US Department of Treasury (DoT) granted some sanctions relief to Lukoil’s Bulgarian subsidiaries, including the bunkering entity. 

By Gautamee Hazarika

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