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flag The U.S. blocked Xtellus' $22B bid for Lukoil’s assets over unauthorized use of sanctioned securities.

flag The U.S. Treasury has blocked a bid by Xtellus Partners to acquire Lukoil’s foreign assets, valued at $22 billion, citing lack of authorization to use sanctioned securities in a proposed cashless swap. flag The plan, favored by Lukoil, would have exchanged frozen U.S. investor securities for global assets including refineries, oil projects, and 2,000 fuel stations. flag Xtellus plans to appeal and seek a license. flag Other bidders include Exxon, Chevron, Abu Dhabi’s IHC, Hungary’s MOL, and Carlyle. flag The U.S. has extended the asset sale deadline to January 17, 2026. flag Kazakhstan retains a legal right to purchase Lukoil’s assets in its territory and may act if sanctions allow.

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