U.S. extends license for operations with sanctioned Lukoil

The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) has extended the license that authorizes negotiations and entry into contingent contracts with Russian oil company Lukoil for the sale of Lukoil International GmbH (LIG) or any companies it controls until February 28.

The extension is being granted "provided that the performance of any such contract is made expressly contingent upon the receipt of separate authorization from" OFAC, the license reads.

The license extends the deadline for transactions "that are ordinarily incident and necessary to the maintenance or wind down of operations, contracts, or other agreements of LIG Entities" until February 28.

The United States hit Lukoil with sanctions on October 22, 2025. However, a license was issued that authorized such negotiations until January 17.