The administration of US President Donald Trump has extended the entry into force of sanctions for the Russian concern “Lukoil“, which is trying to sell its foreign assets, by three weeks, according to a press release from the US Treasury Department, published on Friday, November 14.
The restrictions will not take effect until December 13. Until the same date, “Lukoil“ has the right to carry out transactions related to the servicing, operation or liquidation of its gas stations located outside of Russia.
In addition, operations involving “Lukoil” are permitted and “Rosneft”, as well as their subsidiaries related to the Caspian Pipeline Consortium (CPC), the company “Tengizchevroil” and the Karachaganak field development project. The license permits “all transactions“ related to the operational activities of the aforementioned companies and activities, but does not allow “any transactions for the sale (...) or transfer“ of shares in CPC, “Tengizchevroil” and Karachaganak, the document states.
US and UK sanctions on Bulgarian divisions of "Lukoil" are postponed
The US Treasury Department has issued a separate license for the continuation of "Lukoil" activities in Bulgaria. This concerns in particular four companies: "Lukoil Neftochim Burgas", which provides about 80% of the Bulgarian fuel market, "Lukoil Bulgaria", "Lukoil Aviation" and "Lukoil Bunkering". The latter provide fuel for aircraft and ships. Their activities are exempt from sanctions until April 29, 2026.
Also on Friday, the Financial Sanctions Enforcement Directorate of the UK Treasury extended until February 14, 2026 the validity of the license that allows, despite the sanctions, to carry out operations with the Bulgarian divisions of the Russian oil company „Lukoil Bulgaria" and „Lukoil Neftokhim Burgas".
US sanctions against "Lukoil" and "Rosneft"
Russian oil companies „Lukoil“ and „Rosneft“, as well as their 34 subsidiaries, fell under sanctions by Washington and London in October this year due to Russia's ongoing war against Ukraine. After that, "Lukoil" decided to sell its foreign assets. The first candidate for them was the Swiss company Gunvor, one of the founders of which is the friend of Russian President Vladimir Putin, Gennady Timchenko. The United States blocked the deal and refused to issue the company a license to operate until the war in Ukraine ended, citing Gunvor's ties to Moscow. Then “Lukoil“ asked Washington for more time to sell the assets, recalls the saga Reuters agency.
Meanwhile, the American investment company Carlyle, which is in the “early phase” of researching a possible deal, is mentioned as a possible buyer.
According to data from the Bloomberg agency, “Lukoil” is the Russian company with the widest presence on the international market - it owns shares in oil refineries in Europe, significant shares in oil fields from Iraq to Kazakhstan and numerous gas stations – from the USA to Bulgaria.