The Office of Financial Sanctions Implementation (OFSI) at the UK's Treasury has issued a temporary license allowing companies to continue their activities with Lukoil International GmbH – the Austrian-based subsidiary of the Russian company Lukoil, which owns the group's foreign assets, including those in Bulgaria, Reuters reported.
The license is valid until February 26 and permits payments and other transactions under certain conditions, emphasizing that the funds owed to Lukoil remain frozen.
Earlier this month, the UK issued a special license that allows businesses to continue to work with two Bulgarian subsidiaries of the sanctioned Russian oil company Lukoil.
The license allows companies and banks to conduct transactions with Lukoil Bulgaria EOOD and Lukoil Neftohim Burgas AD, as well as their subsidiaries, until February 2026.
In the middle of last month, the British authorities announced sanctions against the largest Russian oil producers, including Lukoil and Rosneft, for their role in financing Moscow's invasion of Ukraine. Shortly thereafter, the US also introduced similar sanctions.