UK extends license to do business with Lukoil's Bulgarian subsidiaries until Aug 13, 2026

MOSCOW. Feb 10 (Interfax) - The UK Treasury's Office of Financial Sanctions Implementation (OFSI) has extended its license to conduct business transactions with Lukoil's Bulgarian subsidiaries under the sanctions restrictions.

The license, which expires on February 14, is extended until August 13, 2026.

OFSI said this applied to Lukoil Bulgaria EOOD and Lukoil Neftochim Burgas AD.

The UK added Lukoil to its sanctions list on October 15, ordering all business transactions with the company to be wound up by November 29. Then, on November 14, OFSI issued a license to continue those transactions until February 14, 2026.

The United States Department of the Treasury included Lukoil in its sanctions list on October 22, 2025, issuing a license to wind up operations by November 21. The oil company soon announced its intention to sell its foreign assets. Negotiations with potential buyers are currently underway.

Lukoil began operating in Bulgaria in October 1999, purchasing a controlling stake in the Burgas oil refinery with a capacity of 8.8 million tonnes. It also manages a network of over 500 filling stations in the country. Due to the EU's ban on imports of Russian oil, Lukoil has had difficulty running its operations in Bulgaria in the last three years. It said that the group had begun reviewing the strategy for its assets in Bulgaria, including the sale of the business. However, it is still the owner of the Burgas oil refinery and the gas stations.