U.S. extends deadline for negotiations on Lukoil’s foreign assets
Published on: Dec 12, 2025
Extension gives buyers more time to pursue $22 billion in global holdings amid ongoing sanctions.
The United States has extended the deadline for negotiations on the sale of Russian oil company Lukoil’s global assets by just over a month, moving it to January 17.
The extension follows sanctions imposed on Lukoil and Rosneft, Russia’s two largest energy firms, on October 22 as part of efforts to pressure Moscow over its war in Ukraine, as reported by Reuters. Lukoil subsequently put its international holdings up for sale.
The company’s global assets, valued at around $22 billion, include oil fields, refineries, and a retail fuel network. They have attracted interest from major players such as U.S. private equity firm Carlyle Group and oil giant Chevron.
The U.S. Treasury’s updated general license allows potential buyers to enter into contingent contracts for the sale and wind-down of related operations.
U.S. investment bank Xtellus Partners has proposed using proceeds from the sale to compensate American investors who lost money when their Lukoil shares were frozen after the war began. Western investors previously held more than a quarter of Lukoil’s stock.
The Treasury Department has not commented on the proposal. Lukoil, whose overseas operations have been disrupted from Iraq to Finland, requested the extension to allow more time to finalize deals, according to sources cited by Reuters.
