Russian oil producer Lukoil has received additional time to negotiate the disposal of its international business after the US Treasury extended the relevant authorization until 19 September 2026.
The extension gives the company another window to negotiate with potential buyers and enter conditional sale agreements, but any completed transaction would still require separate US regulatory approval.
Lukoil has been seeking to divest foreign operations since sanctions imposed in October 2025 complicated its ability to manage and finance the portfolio. The assets span refineries in Bulgaria, Romania and the Netherlands, around 2,500 filling stations across 19 countries, as well as upstream interests in Azerbaijan, Kazakhstan, Uzbekistan, Iraq and Egypt.
The disposal process has already faced difficulties. An earlier transaction involving commodities trader Gunvor failed to secure the necessary approval, after which Lukoil reached an agreement with US investment group Carlyle in early 2026. That transaction remains subject to regulatory clearance.
The sanctions-driven exit has also produced a substantial accounting impact. Lukoil has written down the value of its international operations by around €18 billion, reflecting the deterioration in asset valuations and increased transaction uncertainty.
The extension therefore keeps the disposal process alive but does not resolve the central issue: finding a buyer structure acceptable to US authorities while transferring a geographically diverse and strategically sensitive oil and gas portfolio.
