Iraq Seeks Sanctions Waiver for Lukoil Amid Oilfield Sale

The Iraqi government is pursuing a six-month sanctions waiver from the U.S. Treasury Department to allow Lukoil more time to sell its stake in the West Qurna-2 oilfield. Lukoil has declared force majeure on the field due to recent U.S. sanctions targeting Russian oil companies to pressure Russia over Ukraine.

The government of Iraq is in talks with the U.S. Treasury Department, aiming to secure a six-month waiver from sanctions for Lukoil, as reported by three Iraqi energy officials.

Such a waiver would grant the Russian oil major additional time to sell its stake in the significant West Qurna-2 oilfield amid challenges posed by heightened sanctions.

The sanctions, part of President Donald Trump's initiative to pressure Russia over the Ukraine conflict, have led Lukoil to declare force majeure on the field, highlighting the geopolitical ripple effects on energy resources.

(With inputs from agencies.)