The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has extended the validity of the general license that allows for transactions related to the sale of the foreign business of the Russian company Lukoil. The new deadline is set for January 17, 2026. Until this date, negotiations and the signing of relevant contracts regarding the sale of Lukoil International GmbH (LIG) and other foreign assets of the company or its affiliated entities are permitted.
This is reported by Finway
Potential Buyers and Terms of Agreements
Among the potential buyers of Lukoil’s foreign assets are American oil giants Exxon Mobil and Chevron, investment firm Carlyle, the Abu Dhabi conglomerate IHC, as well as a group of entrepreneurs. However, according to reports, Lukoil prefers the offer from the American bank Xtellus Partners, which involves a cashless deal structure. Xtellus proposes a share exchange with American investors, followed by their return to the Russian oil company in exchange for its foreign assets.
“If Lukoil does not finalize a deal by January 17, its foreign assets will be left in limbo and may be confiscated by local authorities.”
Shell Ends Partnership with Rosneft
In addition to the developments surrounding Lukoil, it has been reported that the British energy company Shell is preparing to end its collaboration with the sanctioned Russian company Rosneft. Both companies currently hold a joint stake in a pipeline in Kazakhstan. Shell intends to retain its stake in the Caspian Pipeline Consortium but no longer plans to hold it alongside its Russian partner.