US extends sanctions waiver for Russia’s Lukoil

A separate Treasury license also authorised certain transactions involving Lukoil's Bulgaria entities through April 24, 2027. (EPA Images pic) WASHINGTON: The US treasury department on Thursday extended a sanctions waiver on Russian oil giant Lukoil for service stations outside Russia through April 2027.

The move allows Lukoil-branded stations in countries like the US to continue serving customers until April 24 next year.

An earlier license enabling such transactions would have expired towards the end of this month.

The extension comes a week after US President Donald Trump said he had secured an agreement with Russia to supply diesel to American and global markets, with the US Treasury issuing a temporary license to enable flows.

Oil prices remain high with war in the Middle East now in its eighth month.

Energy prices have surged since the US and Israel launched attacks on Iran in late February. Tehran's retaliation included the blockade of the Strait of Hormuz, a key passage for global oil transit, sending costs up.

The latest license, like an earlier one, does not allow the "transfer of funds to any person or account located in the Russian Federation."

A separate Treasury license on Thursday also authorised certain transactions involving Lukoil's Bulgaria entities through April 24, 2027.