The Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury has postponed the implementation of sanctions against the Russian oil and gas company Lukoil by three weeks, until December 13. In addition, OFAC has granted a separate license allowing the completion of transactions involving Lukoil’s assets in Bulgaria until April 29, 2026.
This is reported by Finway
Special Licenses for Lukoil’s Bulgarian Assets
The U.S. has also allowed the continued operation of enterprises related to the export of oil from Kazakhstan through Russian territory, regardless of sanctions restrictions. Additionally, a separate license has been issued to continue the operations of Lukoil’s Bulgarian refinery and associated companies engaged in refueling aircraft and vessels in Bulgaria. This license will be valid until April 29, 2026.
A similar permit to postpone restrictions on Lukoil’s Bulgarian assets has been issued by the United Kingdom, but its validity is set until February 14, 2026.
Investor Interest and the Fate of Lukoil’s Assets
The U.S. postponed sanctions against Lukoil after American investment firm Carlyle expressed interest in acquiring the foreign assets of the Russian company.
Currently, Lukoil’s international assets account for about 0.5% of global oil production, and their total value is estimated at approximately $22 billion.
Meanwhile, in Moldova, Lukoil’s fuel terminal at Chisinau International Airport has been transferred to the free use of a state enterprise. The next step for the Moldovan government will be to purchase the infrastructure of this terminal and other company assets.
The state company of Kazakhstan, KazMunayGas, is also considering the possibility of acquiring Lukoil’s local assets. Furthermore, potential buyers of the Russian oil giant’s foreign property now include major companies such as Shell, Azerbaijan’s Socar, and Turkey’s Cengiz Holding, which are interested in acquiring the Bulgarian refinery.