UK eases financial restrictions on Russian Lukoil
The UK sanctions authority has relaxed a temporary licence for Lukoil International and its subsidiaries, allowing payments to be made into unblocked accounts of the Austrian arm of Russia's Lukoil.
Source: Reuters
Details: The Office of Financial Sanctions Implementation (OFSI) has removed from the licence the requirement to route funds into frozen accounts. The authority did not explain the reason for the change.
UK companies are now able to continue business with Lukoil International and make payments into its accounts that are not subject to freezing.
Meanwhile, OFSI stressed that the change does not allow these funds to be transferred to Lukoil's Russian parent company. The licence, which has been in force since November last year, remains within the scope of broader sanctions against Russia and is set to expire on 25 August.
Background:
- On 23 October 2025, the United States imposed sanctions on Russia's largest oil companies, Rosneft and Lukoil, as well as their subsidiaries.
- The initial deadline for the sale of Lukoil's foreign assets was set for 13 December 2025. It was later extended to 17 January 2026, 28 February 2026, 1 April 2026, 1 May 2026 and 30 May 2026.
- Earlier, Reuters reported that the US slowed the sale of the international assets of Russian oil giant Lukoil in order to increase pressure on Russia in negotiations on peace in Ukraine.
Support Ukrainska Pravda on Patreon!