US Extends License for Sale of Lukoil Assets Until November 21, 2026

The U.S. Department of the Treasury has extended the general license for the sale of foreign assets of the Russian oil company Lukoil until November 21, 2026. The license allows negotiations for the sale, transfer, or disposal of assets belonging to Lukoil International GmbH. Previously, the license was set to expire on January 17, 2026, and had been extended multiple times. Last week, Washington also extended two licenses allowing operations with part of Lukoil's foreign assets until April 24, 2027. Lukoil, the second-largest oil producer in Russia, has put its foreign business up for sale following U.S. sanctions. The value of Lukoil's foreign business is estimated at 1.67 trillion rubles. It was previously reported that a group of investors led by Todd Boehly is in negotiations to acquire a stake in Lukoil's foreign assets, receiving support from the U.S. government and investors from the Persian Gulf.

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