U.S.-Russia talks on Ukraine have expanded to a multibillion-dollar oil deal — media

Talks between the administration of U.S. President Donald Trump and Russia on ending the war against Ukraine have expanded and now include a possible multibillion-dollar deal to sell the international assets of Russia’s "Lukoil." UNN reports this, citing The New York Times and Reuters.

According to reports, the issue of the deal was raised personally by Kremlin head Vladimir Putin during a meeting at the Kremlin with U.S. presidential envoy Steve Witkoff and Jared Kushner.

Details

According to the NYT, the matter concerns Lukoil’s large portfolio of assets outside Russia, including oil fields, refineries, and networks of gas stations in various countries. The deal would require approval from both the U.S. government and the Russian side. Those reportedly interested in the assets include a group led by American billionaire and investor Todd Boehly. It also includes two Middle Eastern business groups that previously had business ties with Kushner or the Witkoff family, as well as a U.S. government entity.

According to the publication, Putin discussed the possible deal on September 5 during a meeting with Witkoff and Kushner at the Kremlin. One of the NYT’s sources said that the Kremlin chief proposed completing the sale of the assets as a demonstration that Russians could once again conduct major business with the United States.

Reuters, for its part, notes that at the time of publication, the White House, the U.S. Treasury Department, and Lukoil had not responded to requests for comment. There is also currently no final decision on the sale of the assets.

Context

Lukoil was placed under U.S. sanctions in October 2025. At the time, the U.S. Treasury Department said the restrictions were intended to increase pressure on Russia’s energy sector and reduce the revenues Moscow could use to finance the war against Ukraine.

At present, the U.S. Treasury Department’s Office of Foreign Assets Control allows negotiations on the sale of Lukoil International GmbH to be conducted and conditional agreements to be concluded until October 22, 2026. At the same time, this license does not allow the assets to be actually transferred to the buyer: a separate OFAC authorization is required to complete the deal. The U.S. side’s conditions also include a complete severing of the acquired assets’ ties with Lukoil and the blocking of funds that are to be paid to the Russian company until the possible lifting of the sanctions.

It should also be noted that in late September, Russian special envoy Kirill Dmitriev also held talks in Washington with U.S. officials regarding the war against Ukraine and possible energy projects between the United States and Russia after the end of hostilities.

Recall

In late September, Kirill Dmitriev, a representative of Russian dictator Vladimir Putin, held talks with U.S. officials on ending the war in Ukraine, including possible joint energy initiatives between the United States and Russia in the postwar period.