The United States has granted more time for talks over the potential sale of Lukoil’s overseas portfolio, extending the deadline to January 17. The updated guidance, reported by Reuters on Wednesday, gives prospective buyers a longer runway to pursue deals for the Russian company’s global holdings, which include refineries, oil fields and a broad network of retail fuel stations.
The shift comes after President Donald Trump imposed sanctions on Lukoil and Rosneft on October 22. His administration framed the penalties as part of a broader strategy to pressure Moscow over the war in Ukraine. Lukoil responded by placing its foreign assets on the market, drawing quick interest from major U.S. players.
Investors eye multibillion-dollar portfolio as Treasury expands license
According to Reuters, the assets are valued at roughly 22 billion dollars and have attracted offers from firms such as the Carlyle Group and Chevron. The new general license from the U.S. Treasury also lets interested buyers negotiate contingent contracts linked to the wind-down of those operations. This creates space for due diligence and financing discussions that might otherwise have stalled under the original timeline.
One proposal already sits before U.S. officials. Xtellus Partners, an American investment bank, has suggested that proceeds from any sale be used to compensate U.S. investors whose Lukoil shares became inaccessible after Russia’s invasion of Ukraine. These assets were effectively frozen as markets closed to foreign shareholders.
With sanctions locked in and geopolitical risks still high, the extended deadline signals Washington’s willingness to manage the divestment process more gradually. It also reflects the complexity of dismantling one of the biggest foreign asset portfolios held by a Russian energy company.