US and Russia are negotiating multibillion-dollar deal on Lukoil assets, says NYT

The US presidential administration's negotiations with Russia to end the war in Ukraine have expanded to include a multibillion-dollar oil deal that could benefit Middle Eastern business executives linked to President Donald Trump's two main negotiators, Steve Witkoff and Jared Kushner.

Source: The New York Times, as reported by European Pravda

Details: The deal, which requires approval from the US government and the Kremlin, covers Lukoil's vast global portfolio of oil fields, refineries and petrol stations. Lukoil is one of Russia's largest energy companies.

The leading group seeking to finalise this agreement includes US investor Todd Boehly, who has donated US$2 million to President Trump's political causes; two Middle Eastern groups that have done business with Kushner or Witkoff's family; and a branch of the US government itself.

The negotiations, which have been ongoing for several months, were described to the newspaper by eight people familiar with the matter.

The NYT notes that there is no evidence that Kushner or Witkoff stand to profit personally from the agreement. Still, the proposed deal highlights the close links between personal business interests and geopolitics – even under an administration that routinely dismisses concerns about potential conflicts of interest.

Russian leader Vladimir Putin brought up this deal during a meeting with Witkoff and Kushner at the Kremlin on 5 September, according to three people familiar with the meeting. One of the sources said Putin proposed the agreement to show Russians they can do business with the US.

The Americans replied that they would work on the deal, the source noted. They viewed it as an opportunity to build good relations with the Kremlin while bringing down global energy prices.

This deal is also highly lucrative for the buyers: US approval for the sale would lift American sanctions from the assets, instantly boosting their value.

In Moscow, the decision on the deal is widely considered to be up to Putin, even though Lukoil is officially a private company. Ultimately, the massive transaction, which encompasses assets as diverse as oil fields in Cameroon, refineries in Europe and petrol stations in New Jersey, boils down to decisions made by Putin and Trump.

Trump has been promoting the idea of sealing business deals with Russia since early last year, describing the country as a "tremendous opportunity". This deal once again draws attention to Trump's cryptocurrency company, World Liberty Financial, co-founded by Witkoff. One of the investors in the Lukoil asset deal is also a co-owner of World Liberty.

Background:

• In October 2025, Trump imposed new sanctions on Russia for the first time in his second term, targeting two major oil companies, Rosneft and Lukoil, among others.
• Meanwhile, the US has repeatedly extended the deadline for the sale of assets belonging to sanctioned Russian energy company Lukoil. The latest extension, announced in August, gave potential buyers until 19 September to complete the sale, subject to additional approval from the US Treasury's Office of Foreign Assets Control (OFAC).

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