196. Why did OFSI amend General Licence INT/2025/8031092 on 19 June 2026?
On 19 June 2026, OFSI amended General Licence INT/2025/8031092 to remove the requirement that funds made available, either directly or indirectly, to or for the benefit of Lukoil International GmbH or a Lukoil International subsidiary must be paid into a frozen account.
The frozen account requirement meant that counterparties making payments and transfers to Lukoil International subsidiaries under existing or new obligations or contracts were required to pay those funds into frozen accounts. Removing this requirement allows Lukoil International subsidiaries to access funds needed to meet operational costs, including payments to staff, suppliers and essential services, and supports the viability of Lukoil International’s assets whilst sale negotiations are underway.
OFSI notes the broader context of reported interest in the potential sale of PJSC Lukoil’s international assets and the importance of facilitating an orderly transition whilst balancing the energy security of third parties and the need of those assets to meet essential operational costs.
It remains the case that funds must not be made available to or for the benefit of PJSC Lukoil, the designated Russian parent company, under General Licence INT/2025/8031092.
Users of General Licence INT/2025/8031092 should carefully consider all relevant conditions of the amended licence.
HM Treasury may vary, revoke or suspend General Licence INT/2025/8031092 at any time.
Added on: 24 Jun 2026