The UK granted Lukoil International an exemption from sanctions.

The United Kingdom temporarily allows business transactions with Lukoil International

The UK government has permitted transactions with Lukoil International and its subsidiaries until 26 February 2024, despite sanctions against its parent company, the Russian Lukoil.

The government of the United Kingdom issued a general license that allows non-sanctioned individuals to conduct business operations with Lukoil International and its affiliates. This includes making payments between various counterparties within such transactions, which can occur until the specified date. The received funds are placed into a frozen account or may be paid out after Lukoil International is no longer controlled by Lukoil.

Lukoil, the parent company of Lukoil International, has a wide range of activities, including three oil refineries in Europe and numerous interests in oil fields in various countries such as Kazakhstan, Uzbekistan, Iraq, Mexico, Ghana, Egypt, and Nigeria. Additionally, Lukoil owns hundreds of gas stations worldwide, including in the USA.

Since mid-October, Lukoil has been sanctioned in the United Kingdom and listed on the United States’ Specially Designated Nationals List (SDN List). However, the US government made an exception for the Hungarian company MOL, allowing it to continue purchasing oil from Lukoil until 2026.