UK amends Lukoil International general licence, extends business continuity relief

LONDON, June 19, 2026 — The UK Office of Financial Sanctions Implementation amended General Licence INT/2025/8031092 on Friday, extending it to Aug. 25, 2026 from its previous Feb. 26, 2026 expiry date, according to the revised licence and the related GOV.UK notice.

The licence, first issued on Nov. 27, 2025 under the Russia sanctions regime, allows persons to continue business operations involving Lukoil International GmbH and entities it owns or controls indirectly or directly, including payments under existing or new contracts and the provision or receipt of economic resources. Relevant UK financial institutions may also process payments made in line with the licence.

The most significant change is to paragraph 4.2. GOV.UK says the June 19 amendment removed the restriction previously set out in that paragraph, but stressed that the change does not permit funds to be returned to PJSC Lukoil. The updated PDF shows the earlier paragraph 4.2 struck through, while paragraph 4.3 remains in force for UK institutions processing permitted payments.

The licence defines Lukoil International as Lukoil International GmbH, a subsidiary of PJSC Lukoil. PJSC Oil Company LUKOIL is listed on the UK sanctions list as a designated entity under the Russia regime.

For compliance teams, the practical takeaway is that the UK has preserved a channel for ongoing dealings with Lukoil International entities while recalibrating the payment conditions and making clear that sanctioned parent-level funds cannot flow back to PJSC Lukoil. HM Treasury said it may vary, revoke or suspend the licence at any time.