US extends license for Lukoil’s foreign asset sale until next year

The United States has extended its license for operations with Russian oil giant Lukoil and its subsidiaries, allowing the company to continue selling its foreign assets until January 17, 2026. This decision was confirmed in a recent announcement by the US Department of the Treasury.

The extension follows the expiration of the previous license, which was due to end on December 13. The original sanctions, which were imposed on October 23, targeted Russia's largest oil companies, including Lukoil, Caliber.Az reports via foreign media.

Lukoil, Russia’s second-largest oil producer, made headlines on October 27 when it announced its intention to divest from its international assets. The move came as the company faced increasing pressure from the restrictions. In a statement, Lukoil confirmed it was in discussions with several potential buyers for its overseas operations.

By Sabina Mammadli