financetom
Business
financetom
/
Business
/
Lukoil seeks extension to US Treasury's sanctions grace period, sources say
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
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.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
EV maker Polestar taps industry veteran as CEO to shake-up faltering business
EV maker Polestar taps industry veteran as CEO to shake-up faltering business
Aug 28, 2024
STOCKHOLM, Aug 28 (Reuters) - Polestar will replace long-serving CEO Thomas Ingenlath with a former boss of Opel and EV startups as the company fights to shake up its business after years of delayed model launches, missed delivery targets and further separation from Volvo Cars. Its new CEO, Michael Lohscheller has previously served as CEO of Stellantis ( STLA )-owned...
Infosys Joins Stanford HAI Corporate Affiliate Program to Speed Up AI Research Initiatives
Infosys Joins Stanford HAI Corporate Affiliate Program to Speed Up AI Research Initiatives
Aug 28, 2024
07:22 AM EDT, 08/28/2024 (MT Newswires) -- Infosys ( INFY ) said Wednesday that it has joined the Stanford University Institute for Human-Centered Artificial Intelligence, or Stanford HAI, corporate affiliate program. The company said the partnership aims to speed up artificial intelligence initiatives. Infosys ( INFY ) said it will discuss themes such as responsible AI, the use of AI...
Revive Therapeutics Updates on Research Study Evaluating Bucillamine for Nerve Agent Exposure
Revive Therapeutics Updates on Research Study Evaluating Bucillamine for Nerve Agent Exposure
Aug 28, 2024
07:27 AM EDT, 08/28/2024 (MT Newswires) -- Revive Therapeutics ( RVVTF ) on Wednesday said a research study evaluating Bucillamine as a potential treatment for nerve agent exposure, is expected to be completed in October. The study is being conducted in partnership with an agency of the Canadian Department of National Defence. The results from the study, if promising, will...
GSK Says Nucala Approved in Japan to Treat Chronic Rhinosinusitis With Nasal Polyps
GSK Says Nucala Approved in Japan to Treat Chronic Rhinosinusitis With Nasal Polyps
Aug 28, 2024
07:25 AM EDT, 08/28/2024 (MT Newswires) -- GSK (GSK) said Wednesday that Japan's Ministry of Health, Labor and Welfare had approved Nucala, or mepolizumab, to treat chronic rhinosinusitis with nasal polyps in adults. The approval is based on phase 3 trial data and supported by the results of a global study, GSK said. Mepolizumab is also approved in Japan for...
Copyright 2023-2026 - www.financetom.com All Rights Reserved