The US Treasury Department’s Office of Foreign Assets Control (OFAC) on Friday (24 July) issued a general licence to extend the deadline for certain transactions involving Lukoil International until 12.01am on 22 August. 

The general licence allows companies to negotiate with Russian oil company Lukoil for the sale of Lukoil International GmbH (LIG) or any of LIG’s majority-owned subsidiaries.

“For purposes of this general license, the term ‘contingent contracts’ includes executory contracts, executory pro forma invoices, agreements in principle, executory offers capable of acceptance such as bids or proposals in response to public tenders, binding memoranda of understanding, or any other similar agreement,” the licence noted.

On 27 October, the Russian company announced its intention to sell its international assets following new sanctions imposed by the US. OFAC has since extended the deadline multiple times. 

According to its website, Lukoil also supplies marine fuels and lubricants to Russian sea and river ports, has a bunker fleet, and has a wide network of representative offices across the world. 

Manifold Times previously reported Lukoil signing an agreement with US investment company Carlyle on sale of Lukoil International GmbH, a 100% subsidiary of Lukoil which owns international assets of Lukoil Group. 

Related: Russian oil company Lukoil ink deal with Carlyle on sale of international assets
Related: US extends license allowing sale of Lukoil’s overseas assets until 28 February
Related: Russian oil company Lukoil to sell international assets following US sanctions

Photo credit: Artem Shuba on Unsplash
Published: 27 July, 2026

The US Treasury’s Office of Foreign Assets Control (OFAC) on Tuesday (7 July) revoked a licence that had temporarily authorised transactions involving crude oil, petrochemical products and petroleum products of Iranian origin.

Under the new licence, the purchase of Iranian crude oil, petrochemical products and petroleum products is prohibited with immediate effect.

The latest licence replaces an authorisation issued on 22 June, which had been scheduled to remain in force until 21 August. The previous authorisation permitted the bunkering of vessels engaged in the approved transactions.

Parties that entered into contracts for Iranian oil during the period in which the authorisation was in effect have until 17 July to wind down Iran-related transactions.

Photo credit: Zbynek Burival on Unsplash
Published: 8 July, 2026

British Armed Forces on Sunday (14 June) boarded a sanctioned oil tanker, suspected of being part of the Russian shadow fleet, in the English Channel, according to the Ministry of Defence. 

In the first UK-led operation of its kind, the vessel SMYRTOS was boarded by Royal Marine Commandos and law enforcement officers from the National Crime Agency.

The UK’s Prime Minister agreed in March that British Armed Forces and law enforcement officers were able to board shadow fleet vessels, in accordance with international law.

The SMYRTOS will be provisionally moved to an anchorage off the South Coast of England and will be monitored for any environmental or safety concerns.

UK’s Prime Minister Keir Starmer, said: “This operation delivers yet another blow to Russia and reminds those fueling Putin’s war in Ukraine that they cannot hide.

“I want to pay tribute to all those involved, including our Armed Forces and law enforcement officers who keep this country safe 24 hours a day, 365 days a year.”

The operation builds on recent support provided by the UK to its allies to interdict shadow fleet vessels, which included RAF and Royal Navy capabilities supporting US and French operations. The operation was conducted in close coordination with the French.

The UK has sanctioned almost 600 Russian shadow fleet vessels to date.

Photo credit: Ministry of Defence
Published: 16 June, 2026