The measures, announced on Oct. 22, were “a result of Russia’s lack of serious commitment to a peace process to end the war in Ukraine,” the U.S. Treasury said.
Lukoil subsequently announced it would sell its overseas assets but has yet to find a buyer after a deal with Swiss-based firm Gunvor fell through when Washington blocked it. U.S. private equity firm Carlyle is considering purchasing the vast international holdings, according to Reuters. Potential buyers now have until Dec. 13 to negotiate with Lukoil.
It’s expected Washington will only authorize a sale if it completely severs ties with Lukoil and the funds from that sale are placed into a blocked account that Lukoil cannot access until the sanctions are lifted.
Trump’s sanctions sent European countries scrambling to prevent fuel cutoffs. Germany won a six-month exemption for its Rosneft-owned Schwedt refinery, which was formalized by Washington on Friday, while Bulgaria moved to nationalize the country’s enormous Lukoil-owned Burgas refinery.
Hungary locked in a one-year exemption to keep purchasing Russian oil after Prime Minister Viktor Orbán’s visit to the White House earlier this month.