NYT: Talks Between The U.S. And Russia On Ukraine Now Include A Major Oil Deal
- 3.10.2026, 14:42
We are talking about a large portfolio of Lukoil assets.
Negotiations between the administration of U.S. President Donald Trump and Russia to end the war in Ukraine have expanded and now include a potential multibillion-dollar deal involving the assets of the Russian oil company Lukoil. Trump’s special envoys Steve Witkoff and Jared Kushner are directly involved in the negotiations, according to The New York Times.
According to three sources familiar with the meeting, Russian President Vladimir Putin raised the issue of this deal during a meeting with Witkoff and Kushner at the Kremlin on September 5. According to one of the sources, Putin proposed the deal to show Russians that they can do business with the United States.
The American side responded that it would work on it. The agreement is seen as a way to improve relations with the Kremlin, as well as an opportunity to lower global energy prices.
What assets could be sold
The discussion centers on a large portfolio of Lukoil assets, which includes oil fields, oil refineries, and gas stations in various countries.
Among them are oil fields in Cameroon, oil refineries in Europe, and gas stations in New Jersey.
The deal is contingent on approval from the U.S. government and the Kremlin. Although Lukoil is a private company, the decision on the deal is widely viewed in Moscow as a decision by Vladimir Putin.
Earlier this year, Lukoil valued its international assets at $20 billion. At the same time, the price and structure of the proposed deal remain unclear.
Who Is Bidding for the Assets
The leading group seeking to close the deal is headed by American investor Todd Boeli. It also includes two Middle Eastern groups and a U.S. government agency.
The U.S. government is participating through the U.S. International Development Finance Corporation. A spokesperson for the agency stated that the potential deal would contribute to U.S. economic security, foreign policy, and lower energy prices.
The main shareholder is expected to be a Qatari conglomerate controlled by Mutaz Al-Hayat and Ramez Al-Hayat.
Another key participant could be an Abu Dhabi-based investment fund controlled by Sheikh Tahnoun bin Zayed Al Nahyan.
Participants’ Ties to Trump’s Allies
The potential deal has drawn attention due to the business ties between its participants and individuals involved in U.S. negotiations with Russia.
Mutaz and Ramez Al-Hayati previously formed a partnership with Jared Kushner and Ivanka Trump to finance a multibillion-dollar luxury hotel and resort project in southern Albania.
Sheikh Tahnoon also controls the Lunate Fund, which is one of the largest shareholders in a private investment firm established by Kushner after his time at the White House.
Meanwhile, one of the investors in the deal with Lukoil is a co-owner of the cryptocurrency company World Liberty Financial. Its co-founder was Steve Witkoff.
However, there are no indications that Kushner or Witkoff will personally profit from a potential deal. A spokesperson for Witkoff stated that he “has no conflict of interest and no financial stake in this matter.”
How the bidders for Lukoil’s assets have changed
Various potential buyers have expressed interest in Lukoil’s international assets. Among them were American energy companies, notably Chevron.
In January, the private equity firm Carlyle reached a preliminary agreement to purchase a significant portion of the assets. However, approval of this bid in the U.S. was delayed.
Subsequently, a consortium led by Todd Boehl and partners from the Middle East and the U.S. government emerged as the leading bidder.
Earlier, the U.S. Department of the Treasury rejected an initial proposal by the Swiss energy trading company Gunvor to purchase Lukoil’s international assets.
The deal is not yet final
The potential deal is not yet final and must be approved by the U.S. Department of the Treasury, which oversees the enforcement of sanctions. According to people familiar with the sale process, Kirill Dmitriev, Putin’s economic envoy, is playing a key role in it. He has stated that dialogue with the U.S. is ongoing in various areas, particularly in the energy sector.
Lukoil’s oil refineries in the Netherlands, Bulgaria, and Romania also play a key role in the potential deal. They produce diesel and jet fuel.
At the same time, sanctions restrictions on Lukoil’s assets in the U.S. and other countries have been repeatedly extended while negotiations have continued. According to the text provided, the latest extension is valid until October 29.