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The United States Treasury Department announced on Thursday a temporary relaxation of sanctions on Russian energy firm Lukoil, allowing its branded fuel stations located outside of Russia to continue operations until April 29, 2026.
The move aims to limit disruptions for international consumers and suppliers without enabling revenue to flow back to Russia.
The easing was made public through a directive issued by the Treasury’s Office of Foreign Assets Control (OFAC). It authorizes transactions necessary for the sale of products, operation, maintenance, or closure of Lukoil retail fuel stations outside the Russian Federation.
The decision marks a partial suspension of sanctions originally imposed by U.S. President Donald Trump in October. Those measures, which came into effect on November 21, targeted Lukoil and Rosneft—Russia’s two largest oil producers—as part of a broader campaign to pressure Moscow over its ongoing war in Ukraine.
The Treasury explained that the adjusted sanctions are designed to "mitigate harm to consumers and suppliers seeking to engage in ordinary transactions" with Lukoil-branded fuel stations in third countries, including the United States.
Following the imposition of sanctions, Lukoil had initiated an agreement with Switzerland-based commodity trader Gunvor Group to transfer its international assets.
However, the deal was blocked after the U.S. Treasury declined to issue a license, citing Gunvor’s alleged connections to the Russian government. Instead, the Treasury extended the deadline for Lukoil to find alternative buyers to December 13.
The easing of the sanctions coincides with a high-level diplomatic push by Washington. Earlier this week, U.S. negotiators met with Russian President Vladimir Putin in Moscow in an effort to advance a potential resolution to the conflict in Ukraine. U.S. officials previously stated that sanctions against Lukoil and Rosneft were triggered by Russia’s failure to show a credible commitment to ending the war.
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