US Extends Sanctions Waiver for Russia's Lukoil to Curb Oil Prices

U.S. officials announced today that the sanctions waiver for the overseas gas stations of Russian oil giant Lukoil will be extended to alleviate soaring crude oil prices. This move by the U.S. Treasury's Office of Foreign Assets Control (OFAC) means that Lukoil-branded gas stations in countries like the United States can continue serving customers until October 29. The measure allows stations to conduct transactions 'in the normal course of business,' such as purchasing fuel supplies, paying insurance premiums, and processing payroll. Gasoline prices in the U.S. have risen to over $4 per gallon, the highest since 2022, following Middle East tensions since late February.