Lukoil Asset Sale Entwined With Trump-Putin Ukraine Talks

The potential sale of Lukoil’s international oil fields, refineries and gas stations has become linked to U.S. efforts to end Russia’s war in Ukraine, creating a transaction that requires approval from both Washington and Moscow. The assets, valued by Lukoil at $20 billion earlier this year, lost much of their worth to Russian buyers after U.S. sanctions were imposed a year ago. Any approved buyer would see the holdings regain value once sanctions are lifted.

Negotiations gained momentum after President Vladimir V. Putin raised the Lukoil matter during a Sept. 5 Kremlin meeting with U.S. envoys Jared Kushner and Steve Witkoff. The Russian leader suggested completing the sale would demonstrate that Russians can do business with the United States, according to three people familiar with the discussion. Witkoff and Kushner replied that they would pursue the matter, viewing it as a means to build goodwill and reduce global energy prices, one participant said.

The leading bidder group is headed by U.S. investor Todd Boehly, who contributed $1 million to the MAGA Inc. political committee in December 2025 and another $1 million through Eldridge Industries to Mr. Trump’s inauguration. Other participants include an Abu Dhabi fund controlled by Sheikh Tahnoon bin Zayed Al Nahyan and a Qatar-based conglomerate run by brothers Moutaz and Ramez Al-Khayyat. The U.S. International Development Finance Corporation is also slated to take a stake. None of these parties has been shown to have direct financial ties to Kushner or Witkoff themselves.

A competing bid from the Washington firm Carlyle, which reached a tentative agreement in January, would place the assets under an all-U.S. owner. That proposal has not advanced. The Boehly group’s offer would direct substantial ownership and profits to foreign investors, according to participants in the talks. The Treasury Department has extended sanctions relief multiple times to allow Lukoil’s U.S. gas stations to continue operating while the decision remains pending.

Administration officials have stated that any approved deal would deliver an upfront payment and profit interest to the United States while advancing energy security for allies. A spokeswoman for Witkoff said he receives no salary, travels at his own expense, and holds no financial stake in the transaction. The final decision rests with the White House, a Treasury spokeswoman said, because the Office of Foreign Assets Control implements policy set there. The outcome remains unresolved.