The US allowed the sale of foreign assets of the Russian concern Lukoil

US President Donald Trump's administration has allowed potential buyers to negotiate with Russia's Lukoil to buy its foreign assets.

The permission is valid until 13 December, but any deal will only be approved if the new ownership completely cuts ties with Lukoil and the proceeds from the sale are placed in an escrow account while sanctions are in place on the firm.

Transactions with Lukoil entities in Bulgaria have also been allowed until April 2026. The measures follow after Bulgaria began the process of expropriating the Burgas refinery. In addition, licenses were also granted for projects such as Caspian Pipeline Consortium and Tengizchevroil.

The bidders for Lukoil's assets include US investment firm Carlyle, Kazakh state-owned KazMunayGas and Shell. The estimated value of Lukoil's international portfolio is about $22 billion.

(reuters, mja)