UK 'puts on pause' sanctions against Lukoil’s foreign assets
Illustrative photo: the UK has postponed the introduction of sanctions against the Russian company (Getty Images)
The UK government has postponed the introduction of sanctions against the Russian oil giant Lukoil. It has allowed transactions with the company’s international division to continue until the end of February 2026, according to a press release from the UK Treasury.
The general licence concerning the international assets of the Russian oil giant will be in effect from 27 November 2025 to 26 February 2026. The postponed sanctions had been scheduled to take effect tomorrow, 28 November.
The Treasury’s press release states that the licence allows business operations with Lukoil International companies to continue.
During this period, Lukoil and its subsidiaries will be able to make and receive payments under both existing and newly concluded contracts.
US sanctions against Lukoil
The US recently imposed sanctions on two Russian oil companies, Lukoil and Rosneft. Against this backdrop, several European countries that host Lukoil refineries have begun seeking solutions to prevent their facilities from shutting down.
In particular, the Bulgarian parliament has allowed the government to appoint new management for the refinery. The plant may be nationalised and then sold to new owners. Meanwhile, Romania wants to obtain a postponement of the sanctions from the US.
In addition, Lukoil has reported a "force majeure" at the giant West Qurna-2 oil field in Iraq and has suspended its operations there.
It was also reported that Moldovan officials are discussing with Lukoil the possibility of purchasing the company’s assets at Chișinău Airport. In particular, Lukoil has been offered to sell its infrastructure at the airport, including its aviation fuel depot.
