US authorities have slowed the process of selling international assets of Russian oil company Lukoil, aiming to use it as leverage in negotiations to end the war in Ukraine, according to Reuters citing sources.

Following sanctions imposed on Lukoil in October, the company began seeking buyers for its foreign assets, valued at approximately $22 billion. Washington has extended the deadline for their sale three times to prevent full enforcement of sanctions.

The US Treasury's Office of Foreign Assets Control (OFAC) extended the deadline for concluding deals again on February 26, until April 1. A US administration official stated the decision was made to facilitate an agreement supporting President Donald Trump's efforts to reduce Russia's revenue enabling the continuation of the war.

Reuters notes that funds from the asset sales are expected to be frozen in accounts under US control.

Sources also reported that sanctions against Russian oil companies were discussed in recent talks between Russian, US, and Ukrainian delegations in Geneva, Abu Dhabi, and Miami, but no breakthrough was achieved. However, one source indicated the asset sale deal could proceed regardless of peace negotiation outcomes.

Source: kun.uz