Finance
US allows talks over Lukoil's foreign assets until February 28
Published by Global Banking and Finance Review
Posted on January 14, 2026
US Extends Negotiation License for Lukoil's Foreign Assets Until February 28
Lukoil's Foreign Assets and US Sanctions
By Timothy Gardner
Impact of US Sanctions on Lukoil
Jan 14 (Reuters) - The U.S. Treasury Department on Wednesday extended a license by more than a month - until February 28 - for companies to talk with Russian energy company Lukoil about buying its foreign assets.
Details of the Negotiation Extension
President Donald Trump imposed sanctions on Lukoil and Rosneft, Russia's two biggest energy companies, on October 22 as part of an effort to pressure Moscow over its war in Ukraine. Lukoil put its assets up for sale shortly after.
Potential Buyers and Interests
The company's global assets - which include oil fields, refineries and a network of retail gas stations - are worth about $22 billion and have drawn interest from a wide variety of entities including U.S. private equity firm Carlyle Group and a group comprising oil major Chevron and Quantum Capital Group.
The extension of the general license issued by the U.S. Treasury, which had been due to expire on January 17, also allows interested parties to enter into contingent contracts for the sale of the assets and the wind-down of related work on them. It was the second extension of the deadline, with the first issued in December.
Due to the U.S. sanctions, the Treasury would need to approve any deals struck with Lukoil over its assets.
Lukoil has been hard-hit by the U.S. sanctions, with overseas operations disrupted from Iraq to Finland. The company had asked for an extension of the negotiations deadline so that it has more time to work on deals, sources previously told Reuters.
(Reporting by Timothy Gardner, Bhargav Acharya and Ismail Shakil; Editing by Will Dunham)
Frequently Asked Questions about US allows talks over Lukoil's foreign assets until February 28
1What is Lukoil?
Lukoil is a major Russian multinational energy corporation involved in oil and gas exploration, production, refining, and distribution.
2What are foreign assets?
Foreign assets refer to properties, investments, or resources owned by a company or individual outside their home country.
3What is a negotiation license?
A negotiation license is a legal authorization that allows parties to engage in discussions or negotiations regarding a specific transaction.
4What is private equity?
Private equity is a form of investment where funds are directly invested in private companies or taken public through buyouts.
