The United States government has decided to extend the validity of the license allowing the sale of international assets of the Russian company Lukoil until May 30. This information was released by the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury.
This is reported by Finway
Conditions for extending the license for Lukoil
According to the terms of license No. 131E, all necessary operations for negotiations and contract signing with Lukoil or its affiliated entities are permitted until 00:01 Eastern Daylight Time on May 30. This pertains to the sale, transfer, or assignment of Lukoil International GmbH (LIG) or any other company where LIG holds at least a 50% stake.
However, the execution of such contracts is only possible with a separate permit from OFAC, meaning these are so-called “conditional contracts”.
“Under license No. 131E, Washington has allowed all operations necessary for negotiations and contract signing with Lukoil or any of its affiliated companies regarding the sale, transfer, or assignment of Lukoil International GmbH (LIG) or any company in which LIG holds a 50% or greater stake until 00:01 Eastern Daylight Time on May 30.”
Additional restrictions and extension of exemptions
OFAC emphasized that all operations under new contracts can only be carried out after obtaining the appropriate permit from the regulator. This decision applies to both the parent company and its subsidiaries, underscoring the consistency of US sanctions policy towards Russia.
Previously, the administration of US President Donald Trump extended the exemption allowing Lukoil’s retail gas stations to operate outside of Russia until the end of October.