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US representatives discuss oil deal with Russia in Moscow

Quick Look

On September 5, US representatives Steve Witkoff and Jared Kushner met with Russian President Vladimir Putin in Moscow to discuss a possible oil deal that would see US sanctions against Lukoil lifted, according to anonymous sources cited by the New York Times.
The deal could see assets increase in value and involve the Qatari Al-Khayyat brothers, the UAE's security adviser and American billionaire Todd Boehly.

AI-generated summary

Why It Matters

The US has previously imposed sanctions on Lukoil, one of Russia's largest energy companies, as part of measures linked to the conflict in Ukraine. Trump has previously linked the sanctions to an end to the killing in Ukraine.

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On September 5, US representatives Steve Witkoff and Jared Kushner met with Russian President Vladimir Putin in Moscow. According to anonymous sources with access to the meeting, Putin brought up a proposal about an oil deal, writes the New York Times. The Americans are said to have replied that they would think about the proposal, according to a source. The deal is seen as an opportunity to improve relations with the Kremlin, according to the Americans.

Oil fields, refineries and gas stations owned by one of Russia's largest energy companies, Lukoil, are included in the deal. Last year, the White House imposed sanctions on the company. Trump then said the sanctions would end the killing in Ukraine. Because the company is subject to sanctions, the potential deal would have to be approved by the US Treasury Department.

The purchase would cause the assets to directly increase in value, as they would then escape the American sanctions. It can therefore be a profitable business.

According to the New York Times, there is no indication that either Witkoff or Kushner will make money from the deal should it go through. However, their partners seem to be involved in the deal.

A significant share of the assets may be acquired by brothers Moutaz Al-Khayyat and Ramez Al-Khayyat's Qatari company, according to the New York Times. The brothers are working with Kushner and his wife Ivanka Trump, the president's daughter, on the controversial plan for a luxury development in Albania.

Another investor could be Sheikh Tahnoon bin Zayed Al Nahyan, the UAE's national security adviser. He is involved in a fund that is one of the largest investors in Kushner's venture capital firm. American billionaire Todd Boehly, who supported Trump's political campaigns financially, also looks like he could become part of the oil deal. He has also invested in a company where Witkoff is one of the founders.

Witkoff and Kushner have argued that new economic ties could lead Russia to compromise on Ukraine.

Kushner profits from the success of Israeli arms companies

What to Watch

AI outlook — possibilities, not facts

The US Treasury Department will review and possibly approve the oil deal if it is formalized
Possible · Within weeks
The deal will lead to increased scrutiny of Kushner and Witkoff's business connections to foreign investors
Likely · Within weeks

Open Questions

Will the deal require approval from the US Treasury Department?
What exact assets are included in the proposed oil deal?
Will any of the mentioned people make money from the deal?
How will Russia respond to the oil deal proposal?