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General License 131K
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LegislationUS

General License 131K

US Treasury licence covering Lukoil International sale negotiations and related maintenance through November 2026.

Issued on 21 October 2026, General License 131K gives prospective buyers another month to negotiate over Lukoil's overseas business. It permits conditional sale agreements through 21 November; completing a sale still requires separate US approval.

Last refreshed: 22 October 2026

Key Question

Will a Lukoil International sale receive separate approval before the licence expires?

Timeline for General License 131K

#30 21 Oct

Extended the Lukoil International sale-negotiation window to 21 November

Russia-Ukraine War 2026: OFAC extends Lukoil sale talks a month
View full timeline →

Background

General License 131K is a US Treasury sanctions instrument concerning Lukoil International and entities it owns 50% or more, directly or indirectly. It defines transactions that would otherwise be prohibited under the relevant sanctions authorities. The licence concerns an overseas corporate business and its disposal, rather than a general permission to buy Russian crude oil. OFAC guidance

Its conditions distinguish preparations for a sale from completion. Negotiations and conditional agreements fall within the general permission; a completed transaction needs a further authorisation. OFAC guidance

Key Issues
Asset sales

The licence extends sale negotiations

General License 131K replaced 131J on 21 October 2026. Its permission covers negotiations and contingent contracts involving Lukoil International and entities it owns 50% or more, directly or indirectly. For a prospective buyer, the new deadline is 12:01 am Eastern Standard Time on 21 November.

The licence also authorises specified maintenance and wind-down activity during that period. Completing a divestment needs separate approval from the US Office of Foreign Assets Control. The permission therefore keeps a sale process possible without authorising the final transfer. Transfers of funds to Russia remain outside its scope. OFAC licence

Common Questions
What does General License 131K allow?
It permits covered negotiations and contingent contracts for selling Lukoil International GmbH or its majority-owned subsidiaries, plus specified maintenance and wind-down activity.Source: US Treasury OFAC, General License 131K and FAQ 1225
When does General License 131K expire?
Its authorisations run through 12:01 a.m. eastern standard time on 21 November 2026.Source: US Treasury OFAC, General License 131K
Why does a Lukoil International sale still need approval?
GL 131K permits contingent contracts, but performing the sale requires a separate OFAC authorisation. The licence itself does not approve a buyer or completed transfer.Source: US Treasury OFAC, FAQ 1224
What licence did General License 131K replace?
It replaced General License 131J in full on 21 October 2026. GL 131F is an earlier version and must not be treated as 131K.Source: US Treasury OFAC, General License 131K and FAQ 1225
Where can funds be transferred under GL 131K?
The licence prohibits transfers to any person or account in Russia. Other payments must satisfy its specific authorisations and remaining sanctions restrictions.Source: US Treasury OFAC, General License 131K and FAQ 1225
Source Material
OFAC action notice, 21 October 2026OFAC FAQ 1225: Lukoil International maintenance activitiesOFAC FAQ 1224: Negotiations and sale conditionsRussia-related General License No. 131K

Written with AI from Lowdown's published reporting. Not individually reviewed by an editor. Updated 22 October 2026. Editorial standards.