In brief: High-level US-Russian diplomatic negotiations to resolve the war in Ukraine have expanded to include a multibillion-dollar transaction involving Lukoil’s global oil assets, The New York Times reported. The proposed deal, discussed directly with Vladimir Putin by US special envoys Steve Witkoff and Jared Kushner, involves a consortium featuring American investor Todd Boehly and Middle Eastern business groups with ties to the negotiators.

Negotiations between the US administration and Russia aimed at ending the war in Ukraine have expanded to incorporate a multibillion-dollar oil transaction that could benefit Middle Eastern business figures connected to US President Donald Trump’s primary envoys, Steve Witkoff and Jared Kushner.

According to The New York Times, the proposed transaction, which requires formal authorization from both the US government and the Kremlin, concerns the extensive international portfolio of Lukoil, Russia’s second-largest oil producer.

The assets under discussion encompass oil extraction concessions in Cameroon and Iraq, major European refining complexes in Bulgaria and Romania, and extensive retail fuel station networks across Europe and the US, including filling stations in New Jersey.

The primary consortium seeking to finalize the acquisition includes American financier Todd Boehly – who contributed $2 million to political entities supporting President Trump – alongside two Middle Eastern investment groups that maintain prior commercial ties with Kushner or the Witkoff family, as well as an entity affiliated with the US government.

The negotiations, which have been underway for several months, were described by eight individuals familiar with the proceedings.

While the reporting noted no indications that Kushner or Witkoff would personally profit from the agreement, the transaction demonstrates the close alignment between private commercial networks and geopolitical statecraft within the administration.

Regulatory hurdles

Russian President Vladimir Putin raised the prospective sale directly during a confidential Kremlin consultation with Witkoff and Kushner on Sept. 5, according to three individuals briefed on the meeting.

Putin reportedly proposed the transaction as a practical vehicle to demonstrate to the Russian business elite and the domestic public that normal commercial engagement with the US remains achievable.

The American negotiators responded that they would facilitate work on the transaction, viewing the commercial bridge as an instrument to cultivate constructive relations with Moscow while exerting downward pressure on international crude oil benchmarks.

For prospective buyers, US regulatory approval represents a substantial financial upside, as clearing the transaction would lift US sanctions restrictions on the assets and immediately elevate their market capitalization.

Although Lukoil operates formally as a publicly traded private enterprise, decisions governing its strategic divestments are widely treated within Moscow as resting directly with Putin. Consequently, the execution of the multi-continent transaction hinges on political determinations made by Trump and Putin.

The commercial discussions align with Trump’s public statements viewing Russia as a vast economic opportunity, which he has promoted as a framework to incentivize peace.

The initiative has also renewed scrutiny over Trump-affiliated business interests, including the cryptocurrency venture World Liberty Financial, which was co-founded by Witkoff and includes an investor who also maintains an equity stake in the proposed Lukoil buyout consortium.

https://www.kyivpost.com/post/86038