Britain Grants Temporary Licence to Lukoil International GmbH

Britain's sanctions office has issued a temporary licence permitting businesses to continue their dealings with Lukoil International GmbH, a Russia-based Lukoil subsidiary in Austria, until February 26. Transactions can occur under specified conditions, including the freezing of funds owed to Lukoil.

In a significant move, Britain's sanctions office announced on Wednesday that it has granted a temporary licence to facilitate continued business operations with Lukoil International GmbH. This subsidiary of Russia's Lukoil is based in Austria.

The licence allows payments and various transactions to take place as long as specific conditions are met. An important stipulation is that any funds payable to Lukoil under these transactions must remain frozen.

This licence is valid until February 26 and aims to maintain business continuity while adhering to international sanctions.

(With inputs from agencies.)