The United States today extended the license for certain international operations of Lukoil until April 29, 2026.
This is an updated version of the previous licensing regime, and the license specifies what types of financial and commercial activities can continue, despite the sanctions framework that applies to Russian entities.
At the same time, OFAC published a new frequently asked question (FAQ 1225) that further clarifies the application of U.S. sanctions with respect to certain transactions covered by the Russian restrictions regime.
Details of the FAQ, as well as the 128B license itself, are published on the official website of the US Treasury Department and will take effect on the date of publication, December 4, 2025.
UK delays imposing sanctions on Lukoil until February 26
Previously, the UK government postponed the imposition of sanctions on the international unit of Russian oil company Lukoil.
The UK Financial Sanctions Enforcement Office announced that it is extending the application of sanctions against Lukoil International GmbH and its subsidiaries until February 26, with the suspension measure set to come into effect shortly before midnight on Friday, November 28.
Lukoil operates all over the world.
Lukoil is the most international of the Russian oil giants, with exploration and production operations in former Soviet countries such as Kazakhstan, Uzbekistan and Azerbaijan, as well as in Egypt, the United Arab Emirates and the West African countries of Ghana, Nigeria, Cameroon and Congo, the Guardian reports. At the end of 2024, Lukoil had a large network of petrol stations in 20 countries, including 2.456 facilities abroad, primarily in Europe and the United States.
Through its trading subsidiary Litasco, Lukoil owns two refineries – Petrotel Lukoil in Romania and Lukoil Neftokhim Burgas in Bulgaria, as well as a 45 percent stake in the Zeeland refinery in the Netherlands.
The company also participates in the exploitation of large oil and gas fields, including Shah Deniz in Azerbaijan (19,99 percent stake), Karachaganak and Tengiz in Kazakhstan (13,5 and 5 percent), as well as Kandym-Kauzak-Shadi and Gissar in Uzbekistan. Lukoil is one of the largest shareholders of the Caspian Pipeline Consortium (CPC).
