U.S. Continues to Ease Sanctions on Russian Lukoil
Russia – Due to soaring oil prices triggered by the Middle East conflict, the U.S. government announced on Tuesday that it will extend the suspension period for partial sanctions against Russia’s energy giant Lukoil until late October. According to documents published on the U.S. Department of the Treasury’s website by the Office of Foreign Assets Control (OFAC), this Russian oil group will be allowed to supply its gas stations located outside Russia until October 29, 2026.
This exemption initially took effect on December 4, with an original deadline of April 29. The purpose of the exemption is to "avoid penalizing" customers and suppliers, provided that revenues are not transferred to Russia.
The updated measures announced on Tuesday include the same restrictions, but come amid a sharp rise in fuel prices since Israel and the United States launched military actions against Iran on February 28. In retaliation, Iran has attacked allies and energy infrastructure in the region, most notably blocking shipping through the Strait of Hormuz—through which roughly one-fifth of global oil shipments typically pass.
Oil prices surged over 50% at one point on Tuesday, but have since retreated below $100 per barrel as ceasefire efforts have held for several days and hopes grow that the conflict may soon end. The U.S. is seeking to lower oil prices, particularly by easing some sanctions. To pressure Russia, which is fighting Ukraine, Washington added two major Russian oil producers—Lukoil and Rosneft—to the sanctions list by late October; this list has drawn close attention from many countries and caused concern among businesses. Companies doing business with Russian entities face the risk of secondary sanctions, which could bar them from using services provided by U.S. banks, traders, transport companies, and insurers—the backbone of commodity markets.
On January 29, Lukoil and the U.S.-based investment firm Carlyle Group announced a conditional agreement under which Carlyle would acquire Lukoil’s overseas assets.
Lukoil noted that the agreement still requires fulfillment of “several conditions precedent” and added that the company is also “engaging in negotiations with other potential buyers.”
When contacted by AFP on Tuesday, neither Lukoil nor Carlyle responded immediately.
As of early January, Lukoil’s overseas assets included a network of more than 200 gas stations in the United States, two refineries located in Romania and Bulgaria, and the West Qurna 2 oil field in southern Iraq—a one of the largest oil fields in the world.
Source: rfi
Original article: toutiao.com/article/1862484670434379/
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