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Lukoil seeks extension to US Treasury's sanctions grace period, sources say
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Lukoil seeks extension to US Treasury's sanctions grace period, sources say
Nov 12, 2025 11:35 AM

NEW YORK, Nov 12 (Reuters) -

Russian energy major Lukoil has filed for an

extension to the U.S. Treasury's deadline which prohibits

transactions with the Russian company after November 21, three

sources familiar with the matter said.

The U.S. Treasury's Office of Foreign Assets Control (OFAC) last

month announced new sanctions targeting Lukoil and Rosneft,

ratcheting up the pressure on Russian President Vladimir Putin

to end Moscow's war in Ukraine.

OFAC also issued a general license that gave companies until

November 21 to complete their business deals with Lukoil,

including any acquisitions of the Moscow-headquartered oil

company's international assets.

Lukoil is seeking an extension as it needs more time to

close existing commitments and study offers for its sprawling

global network of oil and gas producing, refining and trading

assets, the sources said.

Lukoil and OFAC did not immediately respond to requests for

comment.

Lukoil, which accounts for about 2% of global oil output,

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.

Since then, Lukoil's international operations have faced growing

disruptions, forcing the company to declare force majeure at

Iraq's West Qurna 2 oilfield, its largest international asset.

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