Washington has once again extended the authorization for international transactions involving Lukoil’s assets
29 May 17:54
The United States has once again extended the license allowing the international sale of assets belonging to the Russian company Lukoil.
This was reported by the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury, according to "Komersant Ukrainian".
Under the new license No. 131E, the U.S. has authorized all necessary transactions for negotiations and the conclusion of contracts with Lukoil or its affiliates until 12:01 a.m. Eastern Daylight Time on June 27. This includes the sale, disposal, or transfer of Lukoil International GmbH (LIG) or any company in which LIG holds a 50% or greater stake.
License Conditions
Key terms of the license:
- No agreement shall provide for an advance payment to Lukoil.
- All financial proceeds from the agreements must be deposited into a frozen account under U.S. jurisdiction.
- All transactions require final approval from OFAC.
This is the sixth extension of such a license by the United States. The previous license term was extended until May 30. This decision is part of a broader sanctions strategy that was introduced last October against Lukoil and Rosneft. The sanctions were imposed due to “Russia’s lack of serious commitment to a peace process aimed at ending the war in Ukraine.”
The OFAC statement emphasizes the importance of controlling financial flows:
“Transactions require final approval by OFAC.”
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U.S. Sanctions Against Lukoil
The U.S. has imposed sanctions against two Russian oil companies, Lukoil and Rosneft. Against this backdrop, several EU countries that host Lukoil refineries have begun seeking solutions to prevent the plants from shutting down.
In particular, the Bulgarian parliament has authorized the government to appoint a new refinery manager. The plant may be nationalized and then sold to new owners.
In addition, the Hungarian company MOL has informed U.S. officials of its interest in acquiring the international assets of sanctioned Lukoil.
Recall that Vladimir Putin held a telephone conversation with U.S. President Donald Trump. During this conversation, Putin expressed his readiness to declare a “ceasefire” on May 9.
On April 30, the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury extended for the fifth time the deadline for the sale of foreign assets belonging to the Russian oil giant Lukoil, indicating the ongoing impact of sanctions on the company.
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