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The United States has postponed the sale of international assets belonging to Russian oil major Lukoil, aiming to use them as leverage in peace negotiations over Ukraine, four sources familiar with the matter told Reuters.
According to the sources, sanctions targeting Lukoil and Rosneft were discussed during previous rounds of talks held in Geneva, Abu Dhabi and Miami.
On February 26, the US Treasury’s Office of Foreign Assets Control (OFAC) is expected to update its general license, extending the deadline for concluding potential deals involving Lukoil’s foreign assets from February 28 to April 1. The move is intended to “facilitate ongoing negotiations with Lukoil” and support President Donald Trump’s efforts to deprive Russia of revenues used to finance its war machine while advancing peace talks, the sources said.
Any agreement would reportedly ensure that Lukoil receives no upfront payment. Proceeds from asset sales would instead be placed into a blocked account under US jurisdiction.
Background on sanctions
In October 2025, the US Department of the Treasury imposed sanctions on Rosneft and Lukoil. Several European countries hosting Lukoil-owned refineries subsequently sought solutions to prevent disruptions in operations.
Lukoil had previously attempted to sell its foreign assets to Swiss trader Gunvor, but the deal collapsed after the US Treasury described the firm as a “Kremlin proxy.”
In January 2026, Lukoil announced an agreement to sell its international assets to US investment fund The Carlyle Group, though the transaction still requires approval from OFAC.
