Lukoil asks Washington to extend sanctions waiver

Russia's second-largest energy company Lukoil has filed for an extension to the U.S. Treasury's deadline which prohibits transactions with the Russian company after November 21, Reuters reported, citing sources.

Lukoil sent the request to the U.S. Treasury Department as it needs more time to fulfill its existing obligations and to consider proposals for the sale of its assets, according to the agency.

Lukoil had confirmed on October 27 that it was seeking buyers for its international assets and could seek an extension of the OFAC license if necessary. The Russian company had agreed to a sale of its international assets to Swiss commodities trader Gunvor, but that deal collapsed earlier this month after the U.S. Treasury signaled Washington's opposition to it.

In late October, the U.S. Department of the Treasury announced restrictions against Lukoil. Until November 21, it is permitted to conduct transactions with companies and structures controlled by them that are necessary for winding down activities related to the sale or transfer of debt obligations or assets, as well as those aimed at purchasing goods and services at Lukoil facilities outside Russia.

Earlier, Lukoil declared force majeure at Iraq's West Qurna 2 oilfield.