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Washington has prolonged the validity of a US license allowing negotiations for the sale of foreign assets owned by the Russian oil major Lukoil, extending it until February 28. The previous authorization was due to expire on January 17.
The measure follows sanctions imposed in October last year by US President Donald Trump on Lukoil and Rosneft, part of broader efforts to increase pressure on Moscow over its ongoing invasion of Ukraine. As a result of those restrictions, Lukoil has been forced to seek buyers for its international portfolio.
The extended license permits activities linked to talks, agreements and preparatory steps for the sale, disposal or transfer of Lukoil International and its overseas assets. This Austria-based subsidiary controls the group’s foreign operations, including key holdings in Bulgaria. However, the authorization remains limited in scope and does not allow any transfer of funds to individuals or accounts located in the Russian Federation.
Further details were published by the Office of Foreign Assets Control at the US Treasury Department. According to the document, the license covers both Lukoil itself and all entities in which the company directly or indirectly owns at least a 50 percent stake. The updated deadline for permitted transactions has been set for late February.
At the same time, the license contains strict exclusions. It does not allow the unfreezing of blocked property, nor does it permit transactions that could harm US foreign policy interests. Dealings with sanctioned individuals or entities remain prohibited, as do any financial flows back to Russia.
In October 2025, Lukoil was added to sanctions lists by the United States, the European Union and the United Kingdom. This move significantly narrowed the company’s options and prompted an urgent search for buyers for its foreign assets. An initial bid by trading firm Gunvor was rejected after the US Treasury refused to approve the transaction, a decision that was later repeated for several other potential buyers.
In early January 2026, new interest emerged when Chevron and Quantum Energy Partners agreed to jointly pursue the acquisition of Lukoil’s international assets. According to the Financial Times, the two companies intend to divide the portfolio between them. The total value of Lukoil’s foreign holdings is estimated at around 22 billion dollars.
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