UK extends license for LUKOIL foreign operations
The United Kingdom extended the license for operations with foreign subsidiaries of Lukoil (MOEX: LKOH) until February 26, 2027.
Consensus
- The UK extended the license for operations with LUKOIL's foreign subsidiaries.
- The license extension is valid until 26 February 2027.
- The license allows operations with LUKOIL’s Bulgarian subsidiaries.
- The license for Bulgarian entities is valid until 29 October 2025.
- LUKOIL is under UK sanctions.
- The UK government issued the license through OFSI.
- The license permits continued business with LUKOIL's Balkan-based companies despite sanctions.
- LUKOIL has announced plans to sell its foreign assets.
Points of divergence
- The initial license was set to expire on 25 August 2026, and was extended for six months to 26 February 2027. — fontanka
- The previous license expired on 25 August, and the extension is for six months until 26 February 2027. — vedomosti
- The initial license was valid until 26 February 2026, but was extended multiple times, with the current extension to 26 February 2027. — kommersant
- The license for Bulgarian entities was extended to 29 October 2026, with prior extensions to 13 August 2026. — vesti
- The license for Bulgarian entities was extended until 29 October 2027. — interfax
- The US Treasury previously extended the license for LUKOIL’s foreign assets. — fontanka
- The US Treasury extended the license until 22 August 2026. — vedomosti
- The US Treasury included LUKOIL in the sanctions list on 22 October 2025. — interfax
- LUKOIL began operations in Bulgaria in October 1999 and owns a refinery in Burgas with a capacity of 8.8 million tons. — interfax
- The Bulgarian National Assembly passed a law on 14 November 2025 to impose external management on LUKOIL Neftochim Burgas AD and LUKOIL Bulgaria EOOD. — interfax
- Litasco SA, a Geneva-based company in the LUKOIL group, filed a notice with Bulgaria on 19 February 2026 claiming expropriation without compensation. — interfax
- LUKOIL wrote off its stake in LIG, resulting in a loss of 1.7 trillion rubles. — fontanka
Coverage (6 sources)
- UK extended license for operations with foreign «Lukoil» subsidiaries — Фонтанка
- Britain extended license for operations with foreign "subsidiaries" of Lukoil — Ведомости
- Britain extended the permit for operations with foreign «subsidiaries» of LUKOIL — Коммерсантъ
- Britain extended license for operations with Bulgarian structures of Lukoil — Вести
- UK extends business license with Bulgarian 'subsidiaries' of 'LUKOIL' until October 29 — Интерфакс
- London extended Lukoil's license for operations with foreign subsidiaries until February 26 — Интерфакс