London has exempted LUKOIL's international assets from sanctions until February 26.

The UK has issued a license to continue operations with Lukoil International GmbH, which includes all of LUKOIL's foreign assets, until February 26, according to a license published on the British government's website.

The relevant document was issued by the Office of Financial Sanctions Enforcement (OFSI).

"General license INT/2025/8031092... allows for continued operations with Lukoil's international assets," the publication states.

According to the license, funds intended for Lukoil International or its subsidiaries must be placed in a frozen account if the company is still controlled by PJSC Lukoil. Only after this control is removed can these funds be used.

At the same time, the license allows British financial institutions to process payments within the scope of permitted transactions. Furthermore, the UK authorities reserve the right to revoke the license at any time.

Earlier, in mid-October, the UK imposed sanctions against LUKOIL and Rosneft. The measures included asset freezes, as well as sanctions on trust services and transport. The measure is related to "doing business in a sector of strategic importance to the Russian government, namely the energy sector," according to a government document. Previously, the companies were subject to sectoral sanctions.

A week later, the US announced sanctions against these companies and their subsidiaries, giving them a month to wind down operations with them. Later, some of them received license extensions until December 13.

The imposition of sanctions has raised questions about the fate of LUKOIL's foreign assets, which, according to analysts, account for approximately 15% of the company's EBITDA. The corporation failed to sell its foreign assets to Gunvor, and later announced that it was negotiating with several other potential buyers.

European companies staged a "fight" for the right to buy LUKOIL facilities, wroteBLOOMBERG . The agency notes that Bulgaria has taken a step toward establishing full control over the country's largest oil refinery.In Finland , some gas stations are running low on fuel. Romania is prepared to buy the Russian company's assets. Nationalization of LUKOIL's Romanian operations is considered a last resort there.

Russia considers Western sanctions illegal. The Kremlin stated that all rules of "international and economic relations" must be observed when selling LUKOIL's foreign assets.

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