The United States has granted additional time for energy companies to complete agreements tied to the acquisition of foreign assets owned by Lukoil. The revised deadline runs until 27 June, according to the US extension. The move follows a series of delays after 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 the companies could contribute to Russia’s military operations in Ukraine.
Lukoil international portfolio and scope of assets
Lukoil has been seeking buyers for its international portfolio, which is estimated at approximately $22 billion. The portfolio includes oil fields, refineries, and fuel retail networks located across several countries. The sale is described as one of the largest ongoing transactions involving Russian energy holdings outside Russia.
Sanctions conditions for payments and transaction handling
Earlier this year, the administration of US President Donald Trump slowed the disposal process as part of broader efforts to maintain pressure on Moscow. The change came while negotiations aimed at ending the conflict in Ukraine continued. Under the current sanctions framework, transactions 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.
OFAC approval requirements for completed deals
All transactions remain subject to final approval by the Office of Foreign Assets Control (OFAC) within the US Treasury Department. OFAC oversees and enforces sanctions measures to ensure that any agreement complies with US regulations before it can be finalized. The approval requirement applies across the process for acquiring Lukoil-linked foreign assets.
