US extends licence for sale of Lukoil’s overseas operations

The US Department of the Treasury has extended until August 22 a licence authorising the sale of Lukoil International GmbH’s overseas operations.

The Treasury’s Office of Foreign Assets Control (OFAC) issued Russia-related General License 131H, authorising certain transactions related to negotiations and the conclusion of contingent contracts for the sale of Lukoil International GmbH, as well as related maintenance activities, Caliber.Az reports per the statement.

The department said it expects the group to sever its ties with the Russian legal entity and that proceeds from any transaction will remain under US jurisdiction until sanctions are lifted.

The Treasury said it would assess any proposed sale of Lukoil International GmbH based on factors supporting US national security and foreign policy objectives.

The licence to sell the company’s international assets was initially issued in October 2025, when full-scale sanctions were imposed on Lukoil. However, the transaction has not yet been completed, and the licence has been extended repeatedly.

By Sabina Mammadli