US stalls $22bn Lukoil divestment to leverage Russia peace negotiations
The United States has opted to decelerate the sale of Lukoil’s international assets, aiming to amplify pressure on Moscow during ongoing peace negotiations regarding the Ukraine conflict.
According to an Office of Foreign Assets Control (OFAC) document, the deadline for finalizing these multi-billion dollar transactions has been extended from February 28 to April 1. This marks the fourth postponement since sanctions were first leveled against the Russian energy giant and state-owned Rosneft in October 2025.
Diplomatic leverage in motion
Trilateral negotiations between the US, Russia, and Ukraine—held across Geneva, Abu Dhabi, and Miami—have yet to yield a definitive breakthrough. Washington is now explicitly using the €20.8 billion asset pool as a strategic pivot to advance peace terms.
A US official stated the extension is designed to facilitate discussions and support President Donald Trump’s strategy of restricting Russia's military funding capabilities. Under strict US mandates, Lukoil cannot receive immediate proceeds; all funds must be held in frozen accounts under American jurisdiction.
Global majors compete for assets
The portfolio includes refineries, oil fields, and retail networks stretching from Iraq to Finland. The high stakes have attracted more than a dozen high-profile bidders, signaling the immense strategic value of the Russian firm’s former holdings.
Industry titans such as ExxonMobil and the Carlyle Group have expressed interest, alongside Saudi Arabia’s Midad Energy and a partnership between Chevron and Texas-based Quantum Capital Group. Investment banker Todd Boehly and UAE’s Alliance Investment Partners are also reportedly in the fray.
Escalation to the White House
The oversight of the sale has shifted from standard OFAC bureaucracy to the highest levels of the US government. Treasury Secretary Scott Bessent is now directly involved as the process becomes inseparable from foreign policy.
Complexity rose earlier this month following claims by Ukrainian President Volodymyr Zelensky regarding a $12 trillion economic proposal from Russian envoy Kirill Dmitriev. The package allegedly includes Lukoil assets, further complicating the administration’s efforts to decouple commercial liquidation from geopolitical concessions.
Translation by Iurie Tataru
