Russian oil giant Lukoil has formally asked the U.S. Treasury Department for additional time to wrap up its business dealings before new American sanctions fully take effect, according to people familiar with the situation.

The Office of Foreign Assets Control (OFAC) had issued a license allowing companies to conclude ongoing transactions with Lukoil until November 21, following a new round of sanctions aimed at tightening pressure on Moscow over the war in Ukraine. With the deadline approaching, Lukoil is seeking an extension, saying it needs more time to settle existing commitments and review offers for its overseas operations.

Lukoil, which produces roughly 2% of the world’s oil, has been attempting to sell its international assets. The company previously reached an agreement with Swiss commodities trader Gunvor, but the deal fell apart after U.S. officials signaled their opposition.

The collapse of that sale has intensified uncertainty around Lukoil’s foreign portfolio. Its global business has already been hit by operational disruptions, including a force majeure declaration at Iraq’s West Qurna-2 field, one of its most significant assets outside Russia.

Neither Lukoil nor OFAC has commented publicly on the requested extension.

The sanctions also target Russian state-backed energy firm Rosneft, forming part of Washington’s broader strategy to constrain the revenue streams funding the Kremlin’s military campaign.

Reporting for this story was based on contributions from journalists in New York, London and Washington.