• U.S. allows talks on Lukoil asset sales under strict conditions
  
  
• Sales need separate licenses; funds must remain frozen and inaccessible
  
  
• Exemptions granted for key energy operations, including Bulgaria and Caspian pipeline
  

The United States has granted limited sanctions relief to Russia’s Lukoil, allowing foreign companies to start talks on buying the group’s international assets. The oil producer was hit hard by US sanctions imposed in October.

On Friday, Nov. 14, the Treasury Department issued a general license that permits discussions on potential sales until Saturday, Dec. 13. The authorization sets out the legal conditions for parties interested in the assets.

Strict Conditions Still Apply

The decision comes amid concern that the sanctions have affected operations linked to about 0.5 percent of global oil output and could disrupt key infrastructure.

Washington is keeping tight restrictions in place. Any sale will still require a specific license from the Office of Foreign Assets Control, and no transaction can be completed without it. The main condition is that any asset transferred must be fully separated from Lukoil.

Payments from any sale must be held in frozen accounts that will remain inaccessible to Lukoil while sanctions remain in force. The Treasury Department said these measures are meant to safeguard energy supply without allowing the Russian state to benefit financially from any divestments.

Exemptions for Critical Energy Operations

The United States has allowed certain activities to continue. Lukoil can keep operating in Bulgaria until April 2026 after the country seized the Burgas refinery. The Treasury has also allowed transactions involving the Caspian Pipeline Consortium, which ships about 1.6 million barrels of oil per day from Kazakhstan and remains essential for Western energy companies active in the country.

The regulatory opening is expected to attract buyers. The Carlyle Group is considering a bid and has begun seeking a preliminary US license required for due diligence. KazMunayGas and Shell have also shown interest in some units. Trading firm Gunvor has withdrawn, citing heightened tensions with Washington. Talks are expected to pick up in the coming weeks.

Olivier de Souza

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