The US has extended the licence allowing Russian energy company Lukoil to sell its overseas assets until February 28, 2026.

The extension replaces an earlier licence due to expire on January 17 and is intended to give the company more time to complete sales to non-sanctioned buyers, the US Treasury’s Office of Foreign Assets Control said on January 14.

Lukoil’s overseas assets are valued at about $22 billion and have attracted interest from buyers including US private equity firm Carlyle and a consortium involving Chevron and Quantum Capital Group, according to a Reuters report.

Lukoil’s international holdings of particular relevance to the bunker industry include Lukoil Bulgaria Bunker, a key marine fuel supplier in the Black Sea.

In November 2024, the US Treasury office granted temporary sanction relief to Lukoil assets in Bulgaria until April 29, 2026.