US gives Lukoil 45 more days to sell assets outside Russia

The US Treasury Department announced an extension of a deadline for Russian energy company Lukoil to sell its foreign assets to limit Moscow's revenue.

The agency's Office of Foreign Assets Control issued General License 131B "for an additional 45 days to support such divestments and further cut off funding to Russia," it said in a statement.

Washington acknowledges that Lukoil is attempting to sell its assets outside Russia to buyers not under sanctions. The agency noted it is closely monitoring the process to ensure the company negotiates in "good faith."

"Treasury will evaluate any proposed sale of Lukoil assets on factors that support US national security and foreign policy objectives," the statement added.

Lukoil was sanctioned Oct. 22 at the direction of US President Donald Trump to increase pressure on Russia's energy sector.

Lukoil is Russia's second-largest oil producer and a key target in Western efforts to reduce financial resources available for Moscow's military operations. The US frequently updates its sanctions licenses to manage the economic effect on global markets while maintaining pressure on the Kremlin.