Overview
- The Treasury Department authorized companies to negotiate with Lukoil about purchasing its overseas assets through December 13, with any sale requiring a complete break in ties and proceeds held in escrow inaccessible to Lukoil while sanctions remain.
- Washington also permitted transactions involving Lukoil’s Bulgarian entities until April 29, 2026 after Sofia moved to seize the Burgas refinery, and the UK granted parallel licenses to support local fuel supply.
- A separate U.S. license allowed transactions tied to the Caspian Pipeline Consortium and Tengizchevroil, ensuring Kazakh oil flows can proceed even if dealings touch sanctioned Russian firms.
- Carlyle is exploring a purchase of Lukoil’s foreign portfolio and considering an OFAC license and due diligence at an early stage, after a planned sale to Gunvor collapsed following U.S. opposition; other potential bidders include KazMunayGas and Shell, according to Reuters.
- Lukoil says it is in talks with potential buyers for international assets worth about $22 billion that produce just over 0.5% of global oil, as sanctions have already disrupted operations in Iraq, Finland and Bulgaria.