The US Treasury Department has extended the validity of a license allowing negotiations over the sale of foreign assets belonging to Russian oil giant Lukoil, the Office of Foreign Assets Control (OFAC) confirmed.

The license temporarily authorizes transactions related to the “sale, alienation or transfer of Lukoil International GmbH” and assets held by the company, The Caspian Post reports.

The authorization was initially valid until January 17 but has been extended several times since then.

On October 22 last year, the US Treasury imposed sanctions on Russian oil companies Rosneft and Lukoil, along with 28 of their subsidiaries.

On October 30, Lukoil announced that it had reached an agreement to sell 100% of Lukoil International GmbH to international commodities trader Gunvor. However, the US Treasury blocked the issuance of a license for the transaction on November 6. Gunvor Group withdrew its offer to acquire Lukoil’s assets on the same day.

Commenting on the developments on November 7, Kremlin spokesman Dmitry Peskov said the measures imposed by the United States and the United Kingdom were harmful to the global trade system, describing Lukoil as a major player in the global market.