Lukoil announced on Thursday that it would be divesting its overseas assets to the American investment firm Carlyle Group. This decision comes a few months after the United States imposed sanctions on the major oil company alongside Rosneft.

Businesses dealing with Lukoil and Rosneft are now at risk of secondary sanctions, which could sever their access to U.S. banks, traders, transporters, and insurers—the key components of the commodities market.

In a statement, Lukoil, the second-largest oil producer in Russia, confirmed that it had “finalized an agreement with the U.S. investment firm Carlyle for the sale of LUKOIL International GmbH.” The financial details of the transaction were not disclosed.

The agreement does not include assets in Kazakhstan and is still awaiting approval from the U.S. Treasury. Lukoil also mentioned that it is pursuing discussions with additional investors.

Initially, U.S. officials had provided Lukoil with a one-month deadline to divest its foreign holdings, but this was later extended as negotiations continued.

Lukoil’s extensive foreign portfolio encompasses stakes in oil fields and refineries worldwide, including locations in Iraq, Azerbaijan, Egypt, the United Arab Emirates, Nigeria, and Mexico.

Following the announcement of the sale, Lukoil’s shares on the Moscow Exchange experienced a 3.5% increase.