The United States has issued new licenses that temporarily allow certain business dealings with Lukoil, easing restrictions on some of the Russian oil giant’s foreign assets affected by recent sanctions. The move comes after Bulgaria moved to seize Lukoil’s Burgas refinery, the country’s only oil refinery.
Washington sanctioned Lukoil and Rosneft last month for aiding Russia’s war in Ukraine, causing disruptions to Lukoil’s global operations, which produce about 0.5% of the world’s oil. Under the new rules, companies may negotiate to buy Lukoil’s foreign assets until December 13, though any sale must fully sever ties with the firm and place proceeds into an escrow account inaccessible to Lukoil.
The U.S. also authorised transactions with Lukoil entities in Bulgaria until April 29, 2026, a move welcomed by Sofia as vital for energy stability. The U.K. has granted similar licenses for Lukoil’s Bulgarian operations.
Lukoil holds major international assets—including refineries in Bulgaria, Romania, and the Netherlands, upstream projects in Iraq, Kazakhstan, Egypt, and West Africa, and hundreds of fuel stations across Europe and the United States. Its overseas holdings are valued at roughly $22 billion.
