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."
Sign up for a free preview to unlock the rest of this article
Timely, relevant coverage of court proceedings and agency rulings involving tariffs, classification, valuation, origin and antidumping and countervailing duties. Each day, Trade Law Daily subscribers receive a daily headline email, in-depth PDF edition and access to all relevant documents via our trade law source document library and website.
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.