The United States has temporarily halted the sale of international assets belonging to Russian oil giant Lukoil, aiming to use these assets as leverage in ongoing peace negotiations concerning Ukraine.
According to four informed sources, discussions about sanctions targeting Lukoil and another major oil company, Rosneft, were held during recent negotiation rounds in Geneva, Abu Dhabi, and Miami.
On February 26, the U.S. Office of Foreign Assets Control (OFAC) is expected to revise its general license, extending the deadline for potential agreements regarding Lukoil’s assets from February 28 to April 1.
This extension is intended to facilitate ongoing negotiations with Lukoil and to help achieve a deal that aligns with President Donald Trump’s efforts to cut off revenue streams essential for Russia’s military operations and to promote peace.
Sources indicated that any agreement reached will stipulate that Lukoil will not receive any advance payments, and all proceeds from asset sales will be placed into a blocked account under U.S. jurisdiction.
In October 2025, the U.S. Treasury imposed sanctions on both Lukoil and Rosneft, prompting several European nations with Lukoil refineries to seek solutions to avoid operational disruptions.
Lukoil had previously attempted to sell its overseas assets to Swiss trader Gunvor, but the deal fell through after the U.S. Treasury labeled Gunvor a “puppet of the Kremlin.” In January 2026, Lukoil announced it had reached an agreement to sell its international assets to American investment firm Carlyle, pending approval from OFAC.
The U.S. has paused the sale of Lukoil's international assets to leverage negotiations with Russia over Ukraine. The extension of the deadline for asset agreements aims to support ongoing diplomatic efforts.