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The United States has again extended the deadline for companies seeking to acquire foreign assets from Russia’s Lukoil, giving potential buyers until May 1 to continue negotiations.
The extension, issued by the U.S. Office of Foreign Assets Control (OFAC), adds one month to the timeline and marks the fourth delay since sanctions were imposed on the company.
Washington imposed sanctions in October on Lukoil, Russia’s second-largest oil producer, and Rosneft, its largest, pushing the company to divest its global portfolio as part of efforts to limit funding for the war in Ukraine.
Several international firms have since entered the process, including Carlyle, Exxon Mobil, Chevron, and Abu Dhabi-based International Holding Company, with multiple bidders competing for assets spanning Europe, the Middle East, Africa, and Central Asia.
In January, Carlyle reached a preliminary agreement to acquire most of Lukoil’s international business, excluding assets in Kazakhstan, though the deal remains conditional and subject to regulatory clearance. The portfolio includes oil fields, refineries, and downstream operations across multiple regions, but financial terms have not been disclosed.
U.S. restrictions require that any transaction involving Lukoil’s foreign assets receive approval from the Office of Foreign Assets Control (OFAC), giving Washington direct control over the outcome of negotiations.
A previous attempt to sell assets to Switzerland-based trader Gunvor was blocked after the U.S. Treasury refused to grant a license, describing the firm as a "puppet" of Russia.
The foreign assets involved in the negotiations are reportedly valued at about $22 billion, covering a wide network of upstream and downstream operations across several continents.
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