US extends licence for Lukoil’s foreign asset sales again

The US Department of Treasury (DoT) has extended its licence, allowing companies to continue negotiations with Russian oil company Lukoil over the sale of its international assets until 27 June.

IMAGE: Lukoil's facility. Getty Images

The US treasury department’s Office of Foreign Assets Control (OFAC) has extended the period for the sale of Lukoil International or any of Lukoil’s majority-owned subsidiaries, it said.

The extension marks the sixth such instance since the US imposed sanctions on the oil company, Reuters reported.

Washington sanctioned Russia’s biggest oil producers – Rosneft and Lukoil – and their subsidiaries in October last year, following similar measures by the UK.

The move was in response to Russia’s invasion of Ukraine, now in its fourth year. It has compelled Lukoil to sell its international assets, valued at about $22 billion, including oilfields, refineries and gas ‌stations ⁠from Iraq to Finland, Reuters reported.

In December 2025, the UK’s Office of Financial Sanctions Implementation extended its deadline, allowing transactions with Lukoil’s international business until last month.

Rosneft and Lukoil together produce more than 5 million b/d of oil, according to market analysts.

By Aparupa Mazumder

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