On Thursday, the US Treasury Department suspended some penalties against the Russian energy behemoth and extended permission for fuel outlets operating under the Lukoil name outside of Russia.
The action effectively keeps money from returning to Russia, which has been subject to extensive US and EU sanctions since its invasion of Ukraine in February 2022, while allowing Lukoil-branded outlets in nations like the US to continue servicing customers.
The authorization to “mitigate harm to consumers and suppliers seeking to engage in ordinary transactions” with retail service stations including the Lukoil firms has been extended, according to the Treasury.
The decision partially suspends the measures decided in October by US President Donald Trump.
In a rare effort to pressure Moscow, Trump slapped sanctions against Russian oil majors Lukoil and Rosneft that came into force on November 21.
Those moves — the most powerful by Trump against Russia over the Ukraine war — saw major buyers of Russian oil scramble to find alternative suppliers.
The easing of measures against Lukoil was announced the same week White House negotiators met with Russian President Vladimir Putin in Moscow to push a US deal to end the conflict.
The EU’s top diplomat last month said she feared that Russia was looking to use the US proposals to end the war in Ukraine to stall sanctions.
