Negotiations involving the Trump administration and Russia on ending the war in Ukraine have expanded to encompass a multibillion-dollar oil asset sale, according to multiple sources familiar with the discussions. The proposed transaction centers on a broad portfolio of oil fields, refineries, and gas stations owned by Lukoil, one of Russia’s largest energy companies, and includes involvement from U.S. investors, Middle Eastern groups, and a branch of the U.S. government.
The deal under consideration would require approval from both the U.S. government and Russian authorities, notably President Vladimir Putin, who reportedly raised the matter during a meeting with U.S. figures Steve Witkoff and Jared Kushner at the Kremlin on September 5. Sources familiar with the encounter said Putin suggested the sale as a demonstration that Russians and Americans could engage in business despite ongoing geopolitical tensions. The Americans indicated willingness to pursue the opportunity, viewing it as a means to foster goodwill with Moscow and potentially reduce global energy prices.
The primary American investor emerging in the negotiations is Todd Boehly, a billionaire supporter of former President Trump and co-owner of the Los Angeles Dodgers, who has contributed millions to Trump-aligned political initiatives. Alongside Boehly, the interested consortium includes Middle Eastern entities with prior business ties to Kushner and Witkoff’s family. Among these are a Qatar-based conglomerate controlled by Moutaz and Ramez Al-Khayyat, who have partnered with Jared Kushner and Ivanka Trump on luxury hotel developments, as well as an Abu Dhabi investment fund overseen by Sheikh Tahnoon bin Zayed Al Nahyan, the United Arab Emirates’ national security adviser. Sheikh Tahnoon also holds stakes in ventures associated with Kushner, including a cryptocurrency firm co-founded by Witkoff.
The U.S. International Development Finance Corporation (DFC), a federal agency that invests in international projects, is also reported to be part of the deal, aiming to secure a financial interest that would provide upfront payments and profit shares for the United States. A senior administration official confirmed Witkoff and Kushner’s active roles in negotiating the investment terms but indicated neither stood to profit personally.
The Lukoil asset portfolio spans multiple continents and includes oil fields in Cameroon, refineries across Europe, and gas stations in the United States. U.S. approval of the transaction would lift existing sanctions on these holdings, significantly elevating their value. While Lukoil is formally a private company, decisions regarding the sale are seen as largely dependent on Putin’s backing.
Earlier in the process, U.S. energy giants such as Chevron and private equity firms like Carlyle showed interest in acquiring parts of Lukoil’s international assets. However, delays in U.S. government approval for those bids created an opening for the current consortium led by Boehly and linked to Kushner and Witkoff to become the frontrunner.
The deal has raised concerns among ethics experts and former officials, who warn that the close personal and business connections between key U.S. negotiators and foreign investors blur the lines between public policy and private interests. Critics question whether such entanglements could influence the administration’s decision-making on the sale.
From the Russian side, Kirill Dmitriev, President Putin’s economic envoy, has actively engaged in discussions on the transaction, traveling to Washington and New York to meet with U.S. officials. Lukoil’s refineries in the Netherlands, Bulgaria, and Romania are particularly significant for producing diesel and jet fuel, commodities currently in short supply due to the conflict in Ukraine.
The transaction remains incomplete and pending review by the U.S. Treasury Department’s Office of Foreign Assets Control, which enforces sanctions policy under White House direction. The ultimate outcome of the deal will likely hinge on decisions made at the highest levels of both governments amid ongoing efforts to recalibrate U.S.-Russia relations.