NYT: Russia and US discuss multibillion-dollar deal for Lukoil's foreign assets
In short
Russia and the United States are discussing a multibillion-dollar sale of Lukoil's foreign oil assets as part of talks to end the war in Ukraine, according to The New York Times, as relayed by Kommersant, Vedomosti and Meduza. Meduza reported that President Vladimir Putin personally raised the proposal at a September 5 meeting with U.S. envoys Steve Witkoff and Jared Kushner, while Vedomosti said the question could have been raised then. Buyers named in the reports include U.S. investor Todd Boehly and Middle Eastern investors, and any sale would require separate U.S. licenses because Lukoil is under U.S. sanctions.
Read the full story 3 min read
Russia and the United States are discussing a multibillion-dollar deal involving the foreign assets of the oil company Lukoil as part of negotiations to end the conflict in Ukraine, according to The New York Times, as relayed by Kommersant, Vedomosti and Meduza. All three outlets cite sources for the account. [ 1 , 2 , 3 ]
Vedomosti reported that the question of selling the assets could have been raised at a September 5 meeting between President Vladimir Putin and U.S. special envoy Steve Witkoff and his son-in-law Jared Kushner, while Meduza, citing a source, said Putin personally raised it with the two U.S. envoys and argued that completing the deal would confirm that Russians and Americans can do business together. Kommersant said the proposal was made during the American negotiators' visit to Moscow. Vedomosti reported that the assets in question are located outside Russia, including in the United States and Eastern Europe. [ 1 , 2 , 3 ]
Kommersant said the deal covers a large complex of Lukoil oil fields, refineries and filling stations around the world, and that U.S. investor Todd Boehly, who financed Donald Trump's election campaign, could become its main shareholder. Kommersant also named a Qatari conglomerate controlled by Mutaz al-Khayyat and his brother Ramez, and an investment fund from Abu Dhabi belonging to Sheikh Tahnoun bin Zayed Al Nahyan, as prospective buyers, and said the U.S. government could take part through the U.S. International Development Finance Corporation. [ 1 ]
Meduza reported that the Financial Times had named Boehly, Sheikh Tahnoun and the al-Khayyat family as bidders and said all of them have ties to the families of Trump and Witkoff: Meduza said Boehly donated two million dollars to Trump's political projects, the al-Khayyat brothers are building a resort in Albania with Kushner and Ivanka Trump, and Sheikh Tahnoun has invested in projects of Kushner, Witkoff and Trump's sons. Meduza cited former U.S. Justice Department prosecutor Hui Chen as telling the NYT that this raised conflict-of-interest questions and showed why the president's friends and family should not be his foreign-policy advisers. [ 3 ]
Any sale would face U.S. restrictions. Washington sanctioned Lukoil in October 2025, freezing its assets in the United States and barring American organisations from dealing with it, Kommersant wrote, adding that each transaction may require a separate U.S. license and coordination with U.S. authorities. Vedomosti reported that the U.S. Treasury extended until October 22 a license permitting negotiations and conditional agreements on the sale of Lukoil International GmbH and the companies it controls, and that a separate OFAC authorisation is needed to complete the deals. [ 1 , 2 ]
Kommersant said Lukoil reached an agreement in January 2026 to sell its foreign assets to the U.S. investment firm Carlyle, but the process stalled over protracted U.S. interagency approvals. Meduza reported that Carlyle's application has still not been approved and that U.S. authorities earlier rejected an attempt by the trader Gunvor, which they called a “Kremlin puppet”. Meduza put the value of the foreign assets at about 20 billion dollars and said the price at which they might be sold is unknown. Vedomosti also reported that on September 29 Kirill Dmitriev, the Russian president's special representative, held talks in Washington with U.S. officials on a Ukraine settlement and possible joint energy projects after the conflict ends. [ 1 , 2 , 3 ]
Why it matters
The deal would transfer ownership of Lukoil's oil fields, refineries and filling stations outside Russia, and the reports place it inside the negotiations on ending the war in Ukraine. Because Lukoil is under U.S. sanctions, any sale depends on U.S. licensing decisions, and the outlets reported that earlier attempts stalled. Meduza reported that the involvement of people close to the Trump and Witkoff families has raised conflict-of-interest questions.
Key facts
- The New York Times reported that Russia and the United States are discussing a multibillion-dollar deal involving Lukoil's foreign assets, according to Kommersant, Vedomosti and Meduza. [ 1 , 2 , 3 ]
- Putin raised the sale at a September 5 meeting with Steve Witkoff and Jared Kushner, Meduza reported; Vedomosti said the question could have been raised at that meeting. [ 2 , 3 ]
- Prospective buyers named include U.S. investor Todd Boehly, a Qatari conglomerate controlled by the al-Khayyat brothers and an Abu Dhabi fund of Sheikh Tahnoun, according to Kommersant and Meduza. [ 1 , 3 ]
- The United States sanctioned Lukoil in October 2025, and each transaction may require a separate U.S. license, according to Kommersant and Vedomosti. [ 1 , 2 ]
- The U.S. Treasury extended until October 22 a license allowing negotiations and conditional agreements on the sale of Lukoil International GmbH and the companies it controls, Vedomosti reported. [ 2 ]
- Meduza reported that the foreign assets are worth about 20 billion dollars and that the final sale price is unknown. [ 3 ]
- Kommersant reported that Lukoil reached an agreement in January 2026 to sell its foreign assets to Carlyle, but the process stalled over U.S. interagency approvals. [ 1 ]
Confirmed by several sources
- The New York Times, as cited by Kommersant, Vedomosti and Meduza, reported that Russia and the United States are discussing a deal involving Lukoil's foreign assets. [ 1 , 2 , 3 ]
- Washington sanctioned Lukoil, after which the company sought to sell its foreign assets, according to all three outlets. [ 1 , 2 , 3 ]
- Vladimir Putin and U.S. envoys Steve Witkoff and Jared Kushner met on September 5, and the sale of Lukoil's foreign assets was raised in that context, according to Vedomosti and Meduza. [ 2 , 3 ]
- Todd Boehly is among the prospective buyers of the assets, according to the reports. [ 1 , 2 , 3 ]
- The U.S. investment firm Carlyle is a contender for the assets, according to the reports. [ 1 , 2 , 3 ]
- Prospective buyers also include a Qatari conglomerate linked to the al-Khayyat family and an Abu Dhabi fund of Sheikh Tahnoun, according to Kommersant and Meduza. [ 1 , 3 ]
Still unclear
- The price at which the assets might be sold. Meduza reported the assets are worth about 20 billion dollars but said the final purchase price is unknown; no other figure appears in the documents.
- Whether the deal will be completed. Kommersant and Vedomosti reported that separate U.S. licenses and OFAC approval are required, and all three outlets reported that earlier attempts stalled.
- Whether Putin personally proposed the sale at the September 5 meeting. Meduza, citing a source, reported that he personally raised it and argued the deal would show Russians and Americans can do business together; Vedomosti said the question could have been raised at the meeting.
- Whether the parties involved have commented. None of the documents cite statements from the Kremlin, the White House or Lukoil.
- The conflict-of-interest claims. Meduza attributed the criticism to a former U.S. Justice Department prosecutor quoted by the NYT, and no response from those named is reported.
What local media are saying
Timeline, local time
- The United States imposes sanctions on Lukoil; the company later decides to sell its foreign assets, according to the reports. [ 1 , 2 , 3 ]
- Lukoil reaches an agreement to sell its foreign assets to Carlyle, but the process stalls over U.S. interagency approvals, Kommersant reports. [ 1 ]
- Vladimir Putin meets Steve Witkoff and Jared Kushner, and the sale of Lukoil's foreign assets is raised, according to Meduza and Vedomosti. [ 2 , 3 ]
- The U.S. Treasury extends until 22 October a license allowing negotiations and conditional agreements on the sale of Lukoil International GmbH, Vedomosti reports. [ 2 ]
- The Financial Times reports that Todd Boehly's consortium intends to buy Lukoil's foreign assets, with Carlyle also bidding, according to Vedomosti. [ 2 ]
- Kirill Dmitriev, the Russian president's special representative, holds talks in Washington with U.S. officials on a Ukraine settlement and possible joint energy projects, Vedomosti reports. [ 2 ]
- Kommersant publishes its report on the NYT story. [ 1 ]
- Vedomosti publishes its report on the NYT story. [ 2 ]
- Meduza publishes its report on the NYT story. [ 3 ]