Washington Extends Sanctions Waiver for Russian Oil Giant "Lukoil" Until 2026

The administration of U.S. President Donald Trump has extended a crucial sanctions waiver for Russian oil major Lukoil, just days before the original exemption was set to expire, allowing the company to maintain several of its global operations.

According to a report by Politico, the U.S. Treasury Department issued new licenses permitting Lukoil to continue operating its international businesses from 13 December until April 2026. The move provides the company with additional time to manage or divest assets that would otherwise be restricted under U.S. sanctions.

The waiver comes shortly after President Trump announced sweeping new sanctions targeting Lukoil and state-owned Rosneft, citing Moscow’s refusal to engage in negotiations to end its war in Ukraine. The sanctions, announced on 22 October, were scheduled to take effect on 21 November.

The U.S. Treasury said the measures were imposed due to Russia’s “lack of serious commitment to a peace process” aimed at halting the conflict.

Following the sanctions announcement, Lukoil declared it would sell its foreign assets but has yet to secure a buyer. A potential deal with Switzerland-based Gunvor collapsed after Washington intervened to block the transaction.

American private equity firm Carlyle is reportedly exploring the purchase of Lukoil’s sizable international holdings. Potential buyers now have until 13 December to negotiate with the company under the extended waiver.

The extension provides temporary breathing room for global partners connected to Lukoil’s operations while maintaining pressure on Russia’s energy sector. Analysts say the move signals Washington’s intent to balance geopolitical pressure with economic stability, especially in global energy markets.