Talks between the administration of US President Donald Trump and Russia over the war in Ukraine have also expanded into the economic field, centered on a multi-billion dollar deal for the international assets of Russian oil company Lukoil.
According to The New York Times, also cited by Reuters, Russian President Vladimir Putin raised the issue during a meeting with US envoys Steve Witkoff and Jared Kushner at the Kremlin on September 5. According to the report, Putin presented such an agreement as a way to show that trade relations between the US and Russia could be restored.
The deal would include Lukoil's international portfolio, which includes oil fields, refineries and gas stations in various countries. Any transaction would require approval from the US government and the Kremlin.
The group reportedly competing to buy the assets is led by American investor Todd Boehly, who has made financial contributions to political causes linked to Trump. The group also includes Middle Eastern investors and a US government entity.
According to The New York Times, some of the Middle Eastern investors have had prior business dealings with Jared Kushner or Steve Witkoff's family. These ties have raised questions about potential conflicts of interest, although there is no reported indication that Witkoff or Kushner would personally benefit from such a transaction.
One of the groups mentioned is a Qatar-based business group, while also reportedly in the running is an Abu Dhabi investment fund linked to Sheikh Tahnoon bin Zayed Al Nahyan.
The Lukoil case is not new. The Russian company announced in October 2025 that it had begun the process of selling its international assets due to sanctions. In January 2026, Lukoil announced an agreement with the American investment company Carlyle to sell Lukoil International GmbH, but the transaction remained subject to regulatory approvals, including OFAC authorization.
The US Treasury Department currently allows negotiations and conditional agreements for Lukoil's international assets, but the final sale requires special authorization from OFAC. The license for negotiations has been extended until October 22, 2026.
Thus, the potential deal for Lukoil has become part of a much broader discussion between Washington and Moscow about the future of economic relations, as the Trump administration continues negotiations with Russia over the war in Ukraine.
At present, there is no final agreement for the sale of Lukoil's assets nor a decision determining which group will acquire them. Any transaction remains subject to the relevant US and Russian approvals.
