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US Extends Sanctions Waiver for Lukoil’s Foreign Gas Stations Until 2026
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On December 4, the US Department of the Treasury extended a special license that temporarily exempts the foreign gas station network of Russia’s Lukoil from sanctions.
The Treasury’s Office of Foreign Assets Control (OFAC) stated that the general license allowing Lukoil’s retail fuel stations outside Russia to operate without facing US sanctions has been prolonged until the end of April 2026.
OFAC said the decision was made to “mitigate harm to consumers and suppliers seeking to conduct routine operations,” as an immediate full blockade of Lukoil’s global operations could disrupt local fuel markets.
Lukoil maintains a significant international presence, with stakes in refineries across Europe and assets in Iraq and Kazakhstan, along with fuel station networks in the United States, Belgium, Romania, and other countries.
While this waiver temporarily eases restrictions on retail fuel operations, broader US sanctions imposed on November 21 against Lukoil and Rosneft remain fully in force, targeting their core activities and revenue streams.
These sanctions were first introduced in October 2025 as part of Washington’s efforts to curb Kremlin income from the energy sector and apply pressure on Moscow over its continued war in Ukraine.
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Following the sanctions announcement, several international stakeholders voiced concern over potential fuel supply disruptions, prompting OFAC to allow Lukoil’s foreign gas stations to continue operating under a time-limited waiver.
Despite this temporary relief, analysts note that Lukoil’s global operations have been significantly constrained. The extension merely offers short-term leeway for gas station operators, while long-term uncertainty remains.
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Meanwhile, Hungarian oil and gas company MOL expressed interest in acquiring Lukoil’s international assets. According to Reuters, MOL has informed US officials of its intention to purchase Lukoil’s European refineries, gas stations, and production stakes in Kazakhstan and Azerbaijan.
Lukoil is currently in discussions with ExxonMobil, Chevron, and Middle Eastern investors ahead of a December 13 deadline set by the US, seeking to divest its overseas assets.
Previously, it was reported that Russia’s oil and gas revenues were hit hard by sanctions and falling prices, dropping by 34% in November.
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