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, with the prospective investor group including people with business ties to US President Donald Trump’s allies. The deal would require approval from both the US government and the Kremlin. The proposed transaction covers Lukoil’s overseas portfolio of oil fields, refineries and gas stations. A group led by US investor Todd Boehly has emerged as the leading bidder, alongside Middle Eastern investors and the US government. The details were reported by The New York Times, citing eight people familiar with the negotiations. The negotiations have also brought renewed attention to the business links of Steve Witkoff and Jared Kushner, who are leading US efforts to engage Moscow on the Ukraine war. There is no indication that Witkoff or Kushner would personally profit from the proposed transaction. However, the deal has raised questions about the overlap between the Trump administration’s diplomatic efforts with Russia and the business interests of people connected to the president and his allies.
Russian President Vladimir Putin raised the proposed Lukoil transaction when he met Witkoff and Kushner at the Kremlin on September 5, according to people familiar with the meeting. Putin reportedly presented the deal as a potential way to demonstrate that Russian and US businesses could resume working together. The US side indicated it would work on the proposal, viewing it as a possible means of building goodwill with Moscow while potentially helping lower global energy prices. The proposed sale would also benefit buyers because US approval could release the assets from American sanctions, increasing their value. Lukoil’s international holdings include oil fields in Cameroon, refineries in Europe and gas stations in the US. While Lukoil is technically a private company, the decision over the deal is seen in Moscow as one that ultimately depends on Putin.
Boehly, co-owner of the Los Angeles Dodgers, is leading the group currently seeking the assets. He donated $1 million to MAGA Inc. in December 2025 and another $1 million through his investment firm to Trump’s inauguration. 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. Sheikh Tahnoon controls an investment fund that acquired a significant stake in World Liberty Financial, the Trump family-linked cryptocurrency company co-founded by Witkoff. Trump’s sons are also involved in the company. Witkoff has since sold his stake, according to a person close to him. Sheikh Tahnoon also oversees Lunate, an Abu Dhabi investment fund that is among the major stakeholders in the private equity firm founded by Kushner after he left the White House.
The Lukoil deal is not final and requires approval from the US treasury department, which oversees sanctions enforcement. The Trump administration had sanctioned Lukoil in October 2025 as part of measures targeting Russia’s energy sector and pressing Moscow over the Ukraine war. A senior US administration official said, as quoted by NYT, 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 Lukoil assets have attracted several potential buyers since the company put its international holdings on the market. 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. The treasury department has had to repeatedly extend sanctions-related arrangements while the sale remains unresolved. The latest extension is due to run until October 29. Lukoil valued its international assets at about $20 billion earlier this year, although the price and structure of the proposed transaction have not been disclosed. 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. Witkoff and Kushner have repeatedly travelled to Russia for talks with Putin as Washington pursues an end to the war.
