The British Office for the Implementation of Financial Sanctions (OFSI) has relaxed the terms of the temporary license for Lukoil International and its subsidiaries. This is the Austrian structure of the Russian company Lukoil. This is reported by Reuters.
OFSI has removed from the license the requirement to direct funds only to frozen accounts. The reason for this decision was not explained by the department.
After changing the terms, British companies can continue to cooperate with Lukoil International and make payments to its accounts that are not frozen.
At the same time, the sanctions department emphasized that the updated license does not allow transferring these funds to the Russian parent company Lukoil. The document, which has been in effect since November last year, remains part of broader sanctions against Russia and is due to expire on August 25.
On October 23, 2025, the United States imposed sanctions on Russia’s largest oil companies, Rosneft and Lukoil, as well as their subsidiaries. Since then, the deadlines for the sale of Lukoil’s foreign assets have been postponed several times.
Reuters previously reported that the United States has slowed the sale of Lukoil’s international assets to increase pressure on Russia in peace talks in Ukraine. The changes to the British license come as sanctions control over the activities of Russian energy companies abroad remains in place.
