The U.S. Treasury Department has extended the period during which potential buyers may negotiate the sale of Russian oil company Lukoil's foreign assets until November 21, 2026. The extension is provided under General License 131K, issued on October 21 by the Treasury's Office of Foreign Assets Control (OFAC).
The license allows prospective buyers to conduct negotiations, perform legal and financial due diligence and enter into conditional agreements involving the sale of Lukoil International GmbH and related companies.
However, the authorization does not permit the assets to be sold or transferred outright. Completing a transaction requires separate approval from the U.S. regulator.
According to OFAC's official guidance, the agency will consider whether a proposed transaction fully severs the acquired business's ties to Lukoil and is consistent with U.S. foreign policy and national security interests.
In particular, U.S. authorities intend to require that proceeds owed to the Russian company remain in blocked accounts under U.S. jurisdiction until the relevant sanctions restrictions are lifted.
The regulator also aims to prevent transactions that would provide Lukoil with an immediate economic benefit, such as exchanges of assets or equity interests.
OFAC reserves the right to revoke the authorization before its expiration if it determines that negotiations are not being conducted in good faith.
In addition to preparations for a possible sale, the license permits certain transactions necessary to maintain existing operations, subject to specified conditions.
Lukoil has been subject to U.S. sanctions imposed in October 2025 as part of Washington's pressure on Russia's energy sector over the war against Ukraine.
The extension gives potential buyers more time to discuss transaction terms. It does not mean that the sale of Lukoil's international business has been agreed upon or that U.S. authorities have approved a particular buyer.