Britain has extended until 26 February 2027 a general licence for deals with the Bulgarian subsidiaries of Lukoil, including Lukoil Neftohim Burgas. The Office of Financial Sanctions Implementation (OFSI), part of the UK finance ministry, announced the decision on its website.

Without the licence, banks and firms that work with the companies would breach UK sanctions.

The licence covers four companies: Lukoil Bulgaria, Lukoil Neftohim Burgas, Lukoil Aviation Bulgaria and Lukoil Bulgaria Bunker. Payments and other deals tied to their normal business are allowed.

The licence was first issued on 14 November 2025. UK authorities have extended it several times since, most recently on 28 October.

The Russian oil company is under UK and US sanctions. Earlier this month, the US finance ministry also extended its permission for some deals with Lukoil's Bulgarian companies. That permission runs until 24 April 2027.

Lukoil said it would sell its international assets and began looking at offers after the sanctions. At the end of January, it announced a deal for US investment firm Carlyle to buy Lukoil International, the company through which the group holds its international assets.

In October, we reported that the US finance ministry had extended until 24 April 2027 its permission for some deals with Lukoil's Bulgarian companies, including the Burgas refinery.

The deal needs approval from US authorities. US billionaire Todd Boehly, who has the backing of President Donald Trump, has also been named as a possible buyer.