The United States has decided to postpone the sale of the international assets of the Russian oil company Lukoil, a move intended to exert pressure on Russia to engage in peace negotiations regarding the ongoing conflict in Ukraine. According to a document reviewed by Reuters, the Office of Foreign Assets Control (OFAC) has extended the deadlines for these asset transactions from February 28 to April 1. This action reveals the ongoing tension between the U.S. and Russia amid the geopolitical upheaval caused by the war in Ukraine.

Lukoil, which owns Teboil operating in Finland, has faced challenges in its operations as Finnish banks have halted payment transactions for Teboil stations due to sanctions. Consequently, Teboil has temporarily suspended the sale of fuel, impacting local consumers and businesses that rely on its services. The sanctions imposed by the U.S. against Lukoil and Rosneft have had ripple effects beyond Russia, affecting their subsidiaries abroad and raising concerns over energy supplies in regions where these companies operate.

The OFAC has previously extended the transaction deadlines three times to allow potential buyers room to negotiate. Lukoil has been actively seeking a new owner for its international operations since the U.S. imposed sanctions on the company in light of the Ukraine war. The situation highlights the complexities involved in international sanctions and their effects on local markets, emphasizing the broader implications of geopolitical conflicts on energy security in Europe and beyond.