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The U.S. blocked Xtellus' $22B bid for Lukoil’s assets over unauthorized use of sanctioned securities.
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.
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.
Xtellus plans to appeal and seek a license.
Other bidders include Exxon, Chevron, Abu Dhabi’s IHC, Hungary’s MOL, and Carlyle.
The U.S. has extended the asset sale deadline to January 17, 2026.
Kazakhstan retains a legal right to purchase Lukoil’s assets in its territory and may act if sanctions allow.
Los EE.UU. bloquearon la oferta de 22 mil millones de dólares de Xtellus por los activos de Lukoil por el uso no autorizado de valores sancionados.