UK extends license for operations with Lukoil's overseas subsidiaries until Feb 26, 2027

MOSCOW. Aug 12 (Interfax) - The United Kingdom has extended the license for operations with the overseas subsidiaries of Lukoil , which was due to expire on August 25 this year, until February 26, 2027, the Office of Financial Sanctions Implementation (OFSI) said.

The UK added Lukoil to the sanctions list on October last year, but on November 27 it issued a license allowing continued transactions with the company's foreign subsidiaries first until February 26 and then until August 25.

In amendments dated June 19, OFSI allowed Lukoil International and its subsidiaries to receive funds from UK counterparties, but separately stipulated that this does not mean that funds may be transferred to the parent company, Lukoil.

Previously, the license stated that funds or any legal and property rights to them to which Lukoil International could lay claim were not to be transferred to it or its subsidiary, and could only be sent to a frozen account or on a deferred basis (until Lukoil International ceases to be owned by Lukoil).