The UK temporarily allows the continuation of business operations with Lukoil International

The UK Sanctions Enforcement Office has issued a temporary license allowing the companies to continue doing business with Lukoil International GmbH, a subsidiary of Russia's Lukoil based in Austria.

The license, valid until February 26, allows payments and other transactions under certain conditions, including that the funds owed to Lukoil remain frozen, reports Reuters, cited by Agerpres.

Last month, the United States and Great Britain imposed sanctions on the largest Russian oil companies – Lukoil and Rosneft – following the invasion of Ukraine. The list of possible bidders grew after the US Treasury issued a set of licenses on Friday, one of which authorizes companies to talk to Lukoil until December 13 about buying its international assets.

After the imposition of US sanctions, Lukoil faced disruptions in its foreign activity. Lukoil produces about 2 percent of global oil production in Russia and abroad and has said it is looking for buyers for its international assets, which produce 0.5 percent of global oil and are estimated to be worth about $22 billion based on 2024 accounting filings.

Lukoil is in negotiations with several potential buyers for the sale of its international assets. The company's objective is to ensure the uninterrupted operation of these assets during their sale and transfer to new owners.