WASHINGTON: Lukoil has filed for an extension to the US Treasury's deadline which prohibits transactions with the Russian company after...
WASHINGTON: Lukoil has filed for an extension to the US Treasury's deadline which prohibits transactions with the Russian company after November 21, Reuters reported, citing sources.
In October, the US Department of the Treasury announced restrictions against Rosneft and Lukoil. At the same time, it published a number of general licenses. According to those documents, until November 21, it is permitted to conduct transactions with companies and structures controlled by them that are necessary for winding down activities related to the sale or transfer of debt obligations or assets, as well as those aimed at purchasing goods and services at Lukoil facilities outside Russia.
Lukoil sent the aforementioned request to the US Treasury Department as it needs more time to fulfill its existing obligations and to consider proposals for the sale of its assets, according to the agency.
In October, the US and UK added Lukoil to their sanctions lists. After that, Lukoil announced that it intended to sell its international assets and that it had received an offer from the international oil trader Gunvor to acquire Lukoil International GmbH, which owns the Russian company’s foreign holdings. Gunvor then said it was withdrawing its offer to purchase Lukoil's foreign assets following a statement from the US Department of the Treasury that it would not grant Gunvor a license to conduct business or earn profit until the conflict in Ukraine was resolved.
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