Talks between the US and Russia over ending the war in Ukraine have expanded to include a proposed multibillion-dollar deal for Lukoil's international oil assets, according to reports from The New York Times. The deal would require approval from both the US government and the Kremlin, with a group led by US investor Todd Boehly emerging as the leading bidder alongside Middle Eastern investors and the US government. The proposed transaction covers Lukoil's overseas portfolio of oil fields, refineries and gas stations valued at approximately $20 billion. The portfolio includes oil fields in Cameroon, refineries in Europe and gas stations in New Jersey, with refineries in the Netherlands, Bulgaria and Romania producing diesel and jet fuel that have been in short supply since the start of the Iran war.
Russian President Vladimir Putin raised the proposed Lukoil transaction when he met with Steve Witkoff and Jared Kushner at the Kremlin on September 5, as reported by The New York Times. Putin presented the deal as a potential way to demonstrate that Russian and US businesses could resume working together, with the US side indicating it would work on the proposal. The US side viewed it as a possible means of building goodwill with Moscow while potentially helping lower global energy prices. There is no indication that Witkoff or Kushner themselves stand to profit from the deal.
Todd Boehly, co-owner of the Los Angeles Dodgers, is leading the current investor group and donated $1 million to MAGA Inc. in December 2025 and another $1 million through his investment firm to Trump's inauguration, according to The New York Times. The proposed investor group also includes Qatar-based businessmen Moutaz and Ramez Al-Khayyat and an Abu Dhabi investment fund controlled by Sheikh Tahnoon bin Zayed Al Nahyan. The Al-Khayyat brothers have business ties with Kushner and his wife, Ivanka Trump, including a planned luxury resort project in Albania. The US International Development Finance Corporation (DFC) is also seeking a stake in the deal, adding another government entity to the investment consortium.
The Lukoil deal requires approval from the US treasury department, which oversees sanctions enforcement, as reported by The New York Times. The Trump administration had sanctioned Lukoil in October 2025 as part of measures targeting Russia's energy sector. A senior US administration official confirmed that Witkoff and Kushner had directly participated in negotiating the financial terms of the proposed US government investment, including 'a substantial upfront payment and profits interest for the United States'. The treasury department has had to repeatedly extend sanctions-related arrangements while the sale remains unresolved, with the latest extension due to run until October 29. US approval of the sale would remove the assets from American sanctions, potentially increasing their value.
The Lukoil assets have attracted several potential buyers since the company put its international holdings on the market, according to The New York Times. US private equity firm Carlyle reached a tentative agreement in January to acquire a large portion of the assets, but US approval for that bid stalled. The Boehly-led group subsequently emerged as the leading bidder, with Lukoil having valued its international assets at about $20 billion earlier this year. The proposed sale comes as the Trump administration seeks to use the prospect of renewed economic ties with Russia as part of its broader effort to persuade Moscow to compromise over Ukraine. The Treasury Department had earlier rejected an offer from Swiss-based energy trader Gunvor, saying the company would not receive approval while Putin continued the war.
