The United States has granted energy companies additional time to complete agreements related to the acquisition of foreign assets owned by Russian oil company Lukoil, extending the deadline until 27 June. This extension is the latest in a series of delays since Washington imposed sanctions on Lukoil and Russia’s state-controlled oil producer Rosneft last October. The sanctions were introduced amid concerns that revenues generated by these companies could contribute to Russia’s military operations in Ukraine.
Lukoil has been actively seeking buyers for its international portfolio, which is estimated to be worth approximately 22 billion dollars. The portfolio includes a wide range of assets, such as oil fields, refineries, and fuel retail networks located across several countries. The sale of these assets is considered one of the largest ongoing transactions involving Russian energy holdings outside the country.
Earlier this year, the administration of US President Donald Trump slowed the disposal process as part of broader efforts to maintain pressure on Moscow while negotiations aimed at ending the conflict in Ukraine continued. Under the current sanctions framework, any transaction involving Lukoil’s foreign assets must ensure that the company receives no advance payment. Instead, proceeds from any sale must be deposited into blocked accounts under US jurisdiction.
Furthermore, all transactions remain subject to final approval by the Office of Foreign Assets Control (OFAC) within the US Treasury Department. OFAC is responsible for overseeing and enforcing sanctions measures, ensuring that any agreement complies fully with US regulations before it can be finalized.
