US and Russia negotiating multibillion-dollar deal for Lukoil's global assets, tied to Ukraine war talks

Why it matters

The deal would lift US sanctions on a major Russian energy company's foreign assets, transferring ownership of strategic energy infrastructure worldwide. It intertwines commercial negotiations with the war in Ukraine, with Putin using it to signal to Russians that business with the US is possible and US envoys framing it as leverage for peace. Key US intermediaries, Witkoff and Kushner, sit at the intersection of Trump-era diplomacy, private business interests, and Trump's crypto venture, while a US government agency (DFC) is directly part of the buyer group. The talks have continued even after the US imposed new sanctions on Rosneft and Lukoil in October 2025, with the sale deadline repeatedly extended.

What happened

The Trump administration and Russia are negotiating a multibillion-dollar deal covering Lukoil's worldwide oil assets, including oil fields, refineries, and gas stations. According to eight people familiar with the negotiations, the talks have been ongoing for several months and are tied to broader US–Russia discussions on ending the war in Ukraine. Putin raised the deal during a September 5 meeting with Steve Witkoff and Jared Kushner at the Kremlin, proposing it as a way to show Russians they can do business with the US. The Americans responded that they would work on the deal, viewing it as a way to build good relations with the Kremlin and lower global energy prices.

A lead buyer group is seeking to conclude the deal, including American investor Todd Boehly, who donated $2 million to Trump's political projects and in 2022 co-purchased Chelsea football club from Roman Abramovich. Two Middle Eastern groups, a Qatari conglomerate controlled by the Alhayat brothers who attended Trump's 2025 inauguration and later partnered with Kushner and Ivanka Trump on a luxury hotel project in Albania, and an Abu Dhabi fund controlled by Sheikh Tahnoon bin Zayed Al Nahyan, are also major participants. The US International Development Finance Corporation (DFC) is also part of the group. A high-ranking US administration official confirmed that Witkoff and Kushner directly participated in negotiations on the financial terms of DFC's investment. US approval of the sale would lift American sanctions on the assets, instantly increasing their value.

How Ukrainian sources describe it

All three supplied articles are Ukrainian-language outlets that frame the story primarily as a US–Russia negotiation tied to the broader peace process over Ukraine. The headlines lead with the multibillion-dollar scale and the involvement of Lukoil, treating the deal as a significant geopolitical and economic development alongside the war-ending talks.

Background

In October 2025, the US imposed its first new sanctions on Russia of Trump's second term, targeting Rosneft and Lukoil. After those sanctions, Lukoil announced it would sell foreign assets; a deal with the international commodity trader Gunvor failed because the US Treasury did not approve it. In late January 2026, Lukoil signed a deal with American investment company Carlyle for the sale of its international gas station business (LIG), pending OFAC approval, and permissions for certain foreign gas station networks and Bulgarian assets were separately extended to October 29, 2026. In September 2026, it became known that Todd Boehly had prepared an offer to buy the Lukoil foreign assets that Carlyle had previously agreed to acquire.

Trump has publicly promoted business engagement with Russia since early 2025, calling the country a "huge opportunity." Kushner and Witkoff have repeatedly visited Russia, arguing that restored economic ties could push Putin toward compromise on Ukraine. The Trump administration has signaled it is ready to conclude deals with Russia before the war ends to demonstrate the seriousness of its intentions to reset US–Russia relations, and the sale of Lukoil assets is one such deal.