The United States has announced a temporary suspension of certain sanctions imposed on the Russian energy giant, Lukoil. This decision allows Lukoil-branded fuel stations operating outside of Russia to continue serving customers until April 29, 2026.
The US Treasury Department confirmed the move, stating that transactions with these stations are permitted to avoid penalizing consumers and suppliers. However, a key condition is that profits generated by these stations must not be repatriated to Russia.
According to the Treasury Department, this extension aims to “mitigate harm to consumers and suppliers who seek to engage in ordinary transactions” with retail service stations, including those bearing the Lukoil brand.
This measure effectively allows Lukoil-branded fuel stations across Europe, Central Asia, the Middle East, and the Americas to maintain operations outside of Russia until the specified date. The initial sanctions, targeting Lukoil and Rosneft, were imposed last October.
At the time of the initial sanctions, the Treasury Department signaled its readiness to take further action, urging Moscow to immediately agree to a ceasefire in the conflict in Ukraine, which began in February 2022.
“Given President Putin’s refusal to end this senseless war, the Treasury Department is sanctioning Russia’s two largest oil companies, which are funding the Kremlin’s war machine,” stated Treasury Secretary Scott Bisent in a statement released last year. “We encourage our allies to join us and adhere to these sanctions.”
The initial sanctions represented a notable shift in policy, as the administration had previously relied on trade measures.
