US finds leverage over Russia in Ukraine peace talks, Reuters reports

Four informed sources told the agency that sanctions against oil companies Lukoil and Rosneft were discussed during previous rounds of negotiations in Geneva, Abu Dhabi, and Miami.

According to the sources, on February 26, the US Office of Foreign Assets Control (OFAC) will update a general license. As a result, the deadline for potential deals involving the Russian oil giant Lukoil’s assets will be extended to April 1 instead of February 28.

The US Treasury is reportedly moving the deadline to "facilitate ongoing negotiations with Lukoil and to reach a deal that supports President Trump’s efforts to deprive Russia of the revenue it needs to support its war machine and to achieve peace."

Sources noted that any agreement would stipulate that Lukoil will not receive advance payments, and all proceeds from asset sales will be held in a blocked account under US jurisdiction.

US sanctions against Lukoil

In October 2025, the US Treasury Department imposed sanctions on two Russian oil giants, Rosneft and Lukoil. In response, several European countries hosting Lukoil refineries began seeking solutions to prevent a shutdown of the plants.

Lukoil had attempted to sell its overseas assets to the Swiss trader Gunvor. However, the company withdrew from the deal after the US Treasury labeled it a Kremlin puppet.

In January 2026, Lukoil announced that it had reached an agreement to sell its international assets to the US investment fund Carlyle. The deal still requires approval from the US Office of Foreign Assets Control (OFAC).