The U.S. government has pushed back the deadline for discussions over the sale of Russian energy company Lukoil’s foreign holdings, giving buyers more time to negotiate deals for the roughly $22 billion portfolio.

Washington’s Treasury Department issued a general license on Wednesday that allows interested parties to continue negotiations with Lukoil over its international oil fields, refineries and retail operations through January 17, 2026. The extension also permits potential buyers to enter into conditional contracts and begin winding down related business activities under the supervision of U.S. authorities.

The move follows broad sanctions imposed in October by President Donald Trump on Lukoil and fellow Russian energy giant Rosneft, part of a strategy to intensify pressure on Moscow over its ongoing war in Ukraine. These measures have disrupted Lukoil’s ability to operate overseas and forced the company to seek buyers for assets spanning Europe, the Middle East, Africa, and the Americas.

A growing list of global firms are reported to be circling Lukoil’s international holdings. U.S. private equity firm Carlyle Group and major oil producer Chevron have both signaled interest, and other international investors are exploring bids as the deadline approaches.

The Treasury’s extension is intended to provide extra runway for these negotiations, as Lukoil and suitors work through complex regulatory and commercial hurdles created by the sanctions. Legal experts say the additional time may help structure deals that comply with U.S. restrictions while allowing assets to be transitioned out of Russian control.

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