The U.S. has extended the deadline to May 1 for companies to negotiate the $22 billion foreign assets of Russia's Lukoil amid ongoing sanctions, with deals requiring OFAC approval. Major firms including Exxon, Chevron, and Carlyle are among the interested buyers.

US extends deadline for potential buyers of Lukoil assets to May 1

March 31, 2026

Timothy Gardner and Costas Pitas/Reuters

FILE PHOTO: A Lukoil fuel station is pictured after local officials voted to suspend the business license of local Lukoil gas stations following the Russian's invasion of Ukraine, in Newark, New Jersey, U.S., March 3, 2022.

Eduardo Munoz/Reuters

The U.S. on Monday extended a deadline for the fourth time for companies to negotiate with Russia's Lukoil LKOH.MM about buying its foreign assets after Washington imposed sanctions on the energy company last year.

The U.S. Office of Foreign Assets Control extended the deadline this time by a month to May 1 for companies interested in buying the foreign assets that are worth about $22 billion.

Washington imposed sanctions in October on Lukoil, Russia's second-largest oil producer, and Rosneft ROSN.MM, its top producer, to reduce Moscow's ability to pay for its war on Ukraine.

Parties interested in the assets have included U.S. private equity firm Carlyle, U.S. oil majors Exxon Mobil XOM.N and Chevron Corp CVX.N, Abu Dhabi conglomerate International Holding Company IHC.AD, and Austrian investor Bernd Bergmair, the former majority owner of an adult entertainment group that includes website Pornhub.

Any specific deals struck with Lukoil over the assets will require OFAC approval.

The Trump administration slowed the sale of Lukoil's international assets to pressure Russia in Ukraine peace talks, four sources told Reuters in February.

-Timothy Gardner and Costas Pitas/Reuters