The US Treasury Department’s Office of Foreign Assets Control (OFAC) on Friday (24 July) issued a general licence to extend the deadline for certain transactions involving Lukoil International until 12.01am on 22 August. The general licence allows companies to negotiate with Russian oil company Lukoil for the sale of Lukoil International GmbH (LIG) or any of LIG’s majority-owned subsidiaries. “For purposes of this general license, the term ‘contingent contracts’ includes executory contracts, executory pro forma invoices, agreements in principle, executory offers capable of acceptance such as bids or proposals in response to public tenders, binding memoranda of understanding, or any other similar agreement,” the licence noted. On 27 October, the Russian company announced its intention to sell its international assets following new sanctions imposed by the US. OFAC has since extended the deadline multiple times. According to its website, Lukoil also supplies marine fuels and lubricants to Russian sea and river ports, has a bunker fleet, and has a wide network of representative offices across the world. Manifold Times previously reported Lukoil signing an agreement with US investment company Carlyle on sale of Lukoil International GmbH, a 100% subsidiary of Lukoil which owns international assets of Lukoil Group. Related : Russian oil company Lukoil ink deal with Carlyle on sale of international assets Related : US extends license allowing sale of Lukoil’s overseas assets until 28 February Related : Russian oil company Lukoil to sell international assets following US sanctions   Photo credit: Artem Shuba on Unsplash Published: 27 July, 2026