The United States has extended the deadline for negotiations over the potential sale of foreign assets belonging to Russian oil giant Lukoil, pushing the authorization period to July 25. The decision was confirmed by the U.S. Treasury Department, according to a notice published by the Office of Foreign Assets Control (OFAC).
The license permits companies to continue talks on acquiring Lukoil’s international portfolio, which remains under sanctions pressure following measures introduced last year against both Lukoil and Rosneft. U.S. Treasury Secretary Scott Bessent previously described the firms as key financial supporters of what he called Russia’s “war machine.”
The assets involved in the potential divestment are estimated at around USD22 billion and include oil fields, refineries, and fuel stations spread across multiple countries, from the Middle East to Northern Europe. The sanctions regime effectively requires the company to reduce or restructure its foreign holdings.
OFAC first issued the negotiation license in November, opening the door for interested buyers to explore possible transactions involving Lukoil’s overseas operations. Since then, the process has attracted interest from roughly a dozen potential bidders, reflecting significant international attention on the assets.
