US extends waiver allowing Lukoil overseas operations despite sanctions

The administration of Donald Trump has extended a sanctions waiver permitting overseas retail operations of Russian oil company Lukoil to continue until October 29, according to the U.S. Department of the Treasury.

The waiver applies to approximately 2,000 Lukoil service stations across Europe, Central Asia, the Middle East and the Americas. The Treasury said the extension, announced on April 14, provides a limited exemption to broader sanctions imposed last year aimed at reducing revenues supporting Russia’s war in Ukraine, Caliber.Az reports per foreign media. 

In October, the Trump administration introduced sanctions targeting Lukoil and Rosneft, Russia’s two largest oil producers. The move sparked interest among potential buyers in Lukoil’s international assets, estimated to be worth around $22 billion.

Lukoil maintains a significant global retail footprint, including about 200 branded gas stations in the U.S. states of New Jersey, Pennsylvania and New York. The company is also a major fuel retailer in Moldova and Bulgaria, and operates roughly 600 stations in Türkiye and more than 300 in Romania.

Separately, the Treasury issued a license authorizing certain transactions involving Lukoil refining operations in Bulgaria, including Lukoil Neftohim Burgas JSC.

By Sabina Mammadli