US Extends Deadline for Lukoil Asset Sale to 2026.

The United States has extended the deadline for the sale of the international assets of the Russian oil giant Lukoil to April 1, 2026. This is indicated by the general license published today by the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury.

The license allows operations related to negotiations for “the sale, disposal or transfer of “Lukoil International” (Lukoil International GmbH - the Austria-based subsidiary of the Russian company “Lukoil”, which owns the group's foreign assets, including those in Bulgaria) and its assets, as the current license expires on February 28.

The Office of Foreign Assets Control has already extended the deadline three times for potential buyers to conclude a deal with Lukoil for its foreign assets worth $22 billion since Washington imposed sanctions against the two Russian oil companies in October.

In October, the US Department of the Treasury included “Lukoil” and “Rosneft”, as well as 34 subsidiaries of these companies, in a new package of US sanctions. On December 4, the Treasury Department authorized operations for the purchase of goods and services at Lukoil facilities outside Russia until April 29, 2026.

The extended license does not allow the transfer of funds to any person or account located on the territory of the Russian Federation.

Among Lukoil's foreign assets are four subsidiaries in Bulgaria - Lukoil Bulgaria EOOD, Lukoil Neftohim Burgas AD, Lukoil-Bulgaria Bunker and Lukoil Aviation Bulgaria, recalls BTA.

In Bulgaria, the government appointed a special commercial manager for the four companies to manage Lukoil's assets until the company completes the sale process. Lukoil then announced that it reserves the right to seek legal protection and stated that the manager's activities should not impede the sale of its assets in our country.

The UK earlier this month extended the term of the general license for Lukoil's subsidiaries in Bulgaria to August 13, 2026.

The Swiss company Litasco SA, a member of the Lukoil group and a shareholder in the subsidiaries Lukoil Neftohim Burgas AD and Lukoil Bulgaria EOOD, announced yesterday that it has sent a notification of a dispute to the Bulgarian authorities and stated its intention to use all legal instruments, including to initiate arbitration proceedings before the International Centre for Settlement of Investment Disputes (ICSID).