Sanctioned Russian Energy Firm Seeks OFAC Permission for Sale of International Business
Lukoil, the major Russian energy company sanctioned by the U.S. last week (see 2510220050), has accepted an offer for its international business, Lukoil International GmbH, to be bought by Gunvor Group, a multinational energy commodities trading company, Lukoil announced Oct. 30. It said the agreement depends on Gunvor obtaining "permission" from the Office of Foreign Assets Control, "as well as any other applicable licenses, permits and other authorizations in other applicable jurisdictions."
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OFAC has issued multiple general licenses to authorize certain transactions involving Lukoil, but they expire Nov. 21. "If necessary, the parties plan to apply for extension of the existing OFAC license and any additional licenses to ensure uninterrupted operations of international assets and their banking servicing for the period until the completion of the transaction," Lukoil said.