The U.S. government is taking steps to delay the sale of Russian oil company Lukoil's foreign operations, reportedly in a bid to apply pressure on Russia to accelerate peace negotiations with Ukraine. According to information from Reuters, the Office of Foreign Assets Control (OFAC) will extend the deadline for the sale of these international operations to the beginning of April. This decision comes amid dissatisfaction with the slow progress of peace talks between Russia and Ukraine, reflecting U.S. concerns about the ongoing conflict in the region.

Previously, Lukoil was granted a deadline until February 28 to divest its foreign holdings, but OFAC's extension marks the third such delay. The U.S. had imposed extensive sanctions on Lukoil and another Russian oil company, Rosneft, in October, part of a broader effort to impact Russia's economy and decision-making amidst the ongoing war in Ukraine. The sanctions also had repercussions on Lukoil's operations in Finland, leading to the interruption of payment transactions for its subsidiary, Teboil, which ultimately resulted in the company's filing for corporate restructuring.

Teboil, which operates around 400 service stations in Finland, faced significant challenges due to the sanctions and restrictions imposed on its parent company. As Lukoil navigates these sanctions and attempts to divest its international assets, the situation highlights the intertwining of global energy markets and geopolitics, emphasizing how economic measures are being utilized as tools for diplomatic pressure in the context of the Ukraine crisis.