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US Extends Deadline for Sale of Russian Oil Giant Lukoil’s Overseas Assets for the Third Time
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The United States extended to April 1 a deadline for companies to conclude deals to buy Russian oil producer Lukoil’s international assets.
The move is tied to Washington’s sanctions policy and diplomacy over the war in Ukraine, according to Reuters on February 26.
Reuters said Lukoil’s overseas portfolio has been valued at about $22 billion and has drawn interest from a range of bidders.
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The extension, issued by the US Treasury Department’s Office of Foreign Assets Control, pushes back a February 28 cutoff and marks the third such delay since Washington imposed sanctions on Lukoil.
A US official said the Treasury extended the deadline to “facilitate ongoing negotiations with Lukoil” and to secure an agreement that supports President Donald Trump’s efforts to cut off the revenue Russia uses to fund its war and to advance peace.
Meanwhile, Saudi-backed Midad Energy signed a term sheet related to Lukoil’s sanctioned assets, subject to regulatory approvals.
Earlier, it was reported that Lukoil began preparations to sell its international assets and said it was reviewing offers from potential buyers amid expanding sanctions pressure.
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