diff --git a/packages/playwright-core/src/server/fetch.ts b/packages/playwright-core/src/server/fetch.ts
index 0f83928bc5..c1e15aefa2 100644
--- a/packages/playwright-core/src/server/fetch.ts
+++ b/packages/playwright-core/src/server/fetch.ts
@@ -517,7 +517,21 @@ function toHeadersArray(rawHeaders: string[]): types.HeadersArray {
 const redirectStatus = [301, 302, 303, 307, 308];
 
 function parseCookie(header: string): types.NetworkCookie | null {
-  const pairs = header.split(';').filter(s => s.trim().length > 0).map(p => p.split('=').map(s => s.trim()));
+  const pairs = header.split(';').filter(s => s.trim().length > 0).map(p => {
+    let key = '';
+    let value = '';
+    const separatorPos = p.indexOf('=');
+    if (separatorPos === -1) {
+      // If only a key is specified, the value is left undefined.
+      key = p.trim();
+    } else {
+      // Otherwise we assume that the key is the element before the first `=`
+      key = p.slice(0, separatorPos).trim();
+      // And the value is the rest of the string.
+      value = p.slice(separatorPos + 1).trim();
+    }
+    return [key, value];
+  });
   if (!pairs.length)
     return null;
   const [name, value] = pairs[0];
diff --git a/tests/global-fetch-cookie.spec.ts b/tests/global-fetch-cookie.spec.ts
index 01178f20f5..fa3e09097f 100644
--- a/tests/global-fetch-cookie.spec.ts
+++ b/tests/global-fetch-cookie.spec.ts
@@ -166,6 +166,33 @@ it('should remove expired cookies', async ({ request, server }) => {
   expect(serverRequest.headers.cookie).toBe('a=v');
 });
 
+it('should store cookie from Set-Cookie header even if it contains equal signs', async ({ request, server }) => {
+  it.info().annotations.push({ type: 'issue', description: 'https://github.com/microsoft/playwright/issues/11612' });
+
+  server.setRoute('/setcookie.html', (req, res) => {
+    res.setHeader('Set-Cookie', ['f=value == value=; secure; httpOnly; path=/some=value']);
+    res.end();
+  });
+
+  await request.get(`http://a.b.one.com:${server.PORT}/setcookie.html`);
+  const state = await request.storageState();
+  expect(state).toEqual({
+    'cookies': [
+      {
+        domain: 'a.b.one.com',
+        expires: -1,
+        name: 'f',
+        path: '/some=value',
+        sameSite: 'Lax',
+        httpOnly: true,
+        secure: true,
+        value: 'value == value=',
+      }
+    ],
+    'origins': []
+  });
+});
+
 it('should export cookies to storage state', async ({ request, server }) => {
   const expires = new Date('12/31/2100 PST');
   server.setRoute('/setcookie.html', (req, res) => {