US Renews General Licence for Lukoil International Sale Negotiations for the Seventh Time
The United States has issued General Licence 131G, extending the authorisation for transactions related to the negotiation and conclusion of contracts for the sale or transfer of Lukoil International GmbH (LIG) until 25 July 2026. This marks the seventh renewal of the licence since it was first issued following Lukoil's designation in October 2025.
GL 131G replaces and supersedes GL 131F, which was due to expire on 27 June 2026. The licence was previously renewed on 1 June 2026.
The licence continues to authorise all transactions ordinarily necessary for the negotiation of and entry into contracts with Lukoil for the sale, disposition, or transfer of LIG, provided that the performance of any such contract is made expressly contingent on receipt of separate OFAC authorisation. Transactions that would otherwise be prohibited under Executive Order 14024 are covered, however the licence cannot be used to transfer funds to any person or account located in Russia.
GL 131G replaces and supersedes GL 131F, which was due to expire on 27 June 2026. The licence was previously renewed on 1 June 2026.
The licence continues to authorise all transactions ordinarily necessary for the negotiation of and entry into contracts with Lukoil for the sale, disposition, or transfer of LIG, provided that the performance of any such contract is made expressly contingent on receipt of separate OFAC authorisation. Transactions that would otherwise be prohibited under Executive Order 14024 are covered, however the licence cannot be used to transfer funds to any person or account located in Russia.
- OFAC has also updated FAQs 1224 and 1225, which provide further guidance on the LIG sale process, to reflect the terms of GL 131G. Per FAQ 1224, the licence may be revoked at any time if Lukoil or LIG are found not to be negotiating in good faith.
