The US Office of Foreign Assets Control (OFAC) has extended by a month the period for potential buyers to negotiate the sale of Lukoil’s foreign assets with the Russian oil group (US OFAC press release, 30/03/2026). The sale, ordered under US sanctions on Lukoil in October 2025, comprises assets worth about USD22bn. It includes the sale of Austria-based Lukoil International, which oversees more than 100 subsidiaries of Lukoil spread across almost 50 countries. The new deadline for companies interested on acquiring the assets has been extended until 1 May 2026.
Companies interested have reportedly included other oil majors such as ExxonMobil and Chevron, as well as private investors and equity firms. Any eventual deal regarding the assets will require the approval of the US OFAC.
Lukoil is Russia’s second largest oil producer after Rosneft. The US sanctions froze all their assets in the US and prohibits US companies from doing business with them.