Overview
- New U.S. Treasury licenses allow companies to negotiate purchases of Lukoil’s foreign assets until December 13, with any closing requiring a separate OFAC-specific license.
- Washington says approvals will be granted only if buyers fully break operational links with Lukoil and route sale payments into blocked accounts inaccessible to the sanctioned firm.
- The U.S. and UK granted targeted relief for Lukoil’s Bulgarian operations, with transactions permitted into April 2026, as Sofia installed Rumen Spetsov as special administrator to keep the Burgas refinery running.
- Carlyle is exploring a bid and weighing a license application, while other potential buyers have been reported, including KazMunayGas and Shell, though no agreement has been finalized.
- Gunvor’s earlier $22 billion deal collapsed after U.S. opposition; Lukoil says it is in active talks and aims to maintain operations during any transfer of assets that account for roughly 0.5% of global oil output.