What specific restriction did the UK remove from the temporary licence for Lukoil International GmbH?

The UK's Office of Financial Sanctions Implementation (OFSI) removed the requirement that payments to Lukoil International GmbH and its subsidiaries must be made into frozen accounts. This change allows UK companies to process payments directly to non-frozen accounts held by the Austrian subsidiary, though the licence still prohibits funds from being transferred back to the Russian parent company, Lukoil.

Does the amended licence permit financial flows from Lukoil International GmbH to its Russian parent company, Lukoil?

No. The OFSI explicitly stated that the amendment 'did not allow funds to then be returned to Lukoil, the Russian parent company.' The licence remains subject to broader UK sanctions against Russia and continues to prohibit any transactions that would benefit or channel value to the Russian entity, preserving the core sanction objective despite the easing of the frozen-account payment condition.

UK eases payment restrictions to Lukoil's subsidiary in Austria

Jun 19, 2026

The UK OFSI amended a license for Lukoil International GmbH, allowing payments to non-frozen accounts while prohibiting fund transfers to the Russian parent company under ongoing sanctions rules.

reuters

2026-06-19

UK eases payment restrictions to Lukoil's subsidiary in Austria

UK eases payment restrictions to Lukoil's subsidiary in Austria

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