The administration of U.S. President Donald Trump has decided to slow down the process of divesting foreign assets of the Russian company Lukoil. This move is part of a strategy to pressure Moscow during negotiations on ending the war in Ukraine, taking place in Geneva, Abu Dhabi, and Miami.
Source: Bukvy
On February 26, the Office of Foreign Assets Control (OFAC) extended the deadlines for closing the deals to April 1. This is the fourth postponement since sanctions were imposed in October of last year. The deal involves an international portfolio of assets worth $22 billion, including oil refineries and gas station networks from Finland to Iraq.
A U.S. government representative explained that the Treasury Department is acting within President Trump’s policy to facilitate negotiations with Lukoil and reach an agreement that would limit Russia’s revenue needed to support its military machine and promote peace.
The terms of the sale remain strict: the Russian side is not to receive any advance payments, and all funds from the sale of assets must be placed in frozen accounts under U.S. jurisdiction.
The situation is complicated by Ukrainian intelligence reports of an alleged Kremlin offer to the Trump administration for a massive $12 trillion economic deal, in which Lukoil’s assets are only part of the negotiations.
Potential buyers include ExxonMobil, Carlyle Group, and a Chevron partnership with Quantum Capital Group. Despite strong investor interest, Washington is in no hurry to give the “green light,” awaiting concessions from Russia during the next round of negotiations in March.
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