File Photo: Lukoil's offices in Moscow, Russia. AFP
The action by the Treasury Department's Office of Foreign Asset Control (OFAC) means Lukoil-branded stations in countries like the United States can continue to serve customers through October 29.
The measure allows the gasoline stations to conduct transactions "in the ordinary course of business" such as procuring motor supplies, making insurance payments and processing employee payroll, OFAC said.
Oil prices have surged since US and Israeli forces struck Iran on February 28, kicking off a Middle East war that has seen Iran launch reprisal attacks on several countries in the region.
The license represents an effort to "mitigate the effects of Lukoil's OFAC designation on retail consumers," the agency said.
A December 2025 OFAC license exempting Lukoil was set to expire on April 29.
Russia has been under sweeping US and EU sanctions since its invasion of Ukraine in February 2022.
US gasoline prices have surged above $4 a gallon, the highest level since 2022, adding a political headwind to Trump's administration.
On March 9, Trump announced plans to waive some oil sanctions after talks with Russian President Vladimir Putin, describing the move as aiming "to reduce prices."
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