US delays Lukoil asset sale amid Ukraine talks

The United States has delayed the sale of overseas assets belonging to the Russian oil major Lukoil in order to preserve room for manoeuvre in peace talks on Ukraine. Four sources familiar with the discussions said the US Office of Foreign Assets Control (OFAC) would extend the deadline for closing transactions from 28 February to 1 April.

OFAC has already prolonged the deadline three times since October, when Washington imposed sanctions on Rosneft and Lukoil. The measures compelled Lukoil to divest an international portfolio valued at roughly $22 billion, including oil fields, refineries and filling stations stretching from Iraq to Finland.

A US official said the extension was intended to support efforts to deprive Russia of revenue used to finance the war. Under the proposed arrangement, Lukoil would receive no upfront payment and proceeds from any sale would remain frozen under US jurisdiction.

Talks between representatives of the United States, Russia and Ukraine in Geneva, Abu Dhabi and Miami have yet to produce a breakthrough, with a further round scheduled for March. Senior White House officials, among them Treasury Secretary Scott Bessent, have also taken part in the process.

Several investors, including ExxonMobil, the Carlyle Group and Chevron, have expressed interest in the assets. According to the sources, the sale could proceed independently of any peace agreement.

(reuters, max)