US-Russia Ukraine talks expand to include multibillion-dollar Lukoil asset deal

Kremlin talks expand to energy portfolio

Diplomatic discussions between the Trump administration and Moscow regarding the war in Ukraine have expanded to include a multibillion-dollar transaction involving international energy assets. The proposed deal focuses on a global network of oil fields, refineries, and fuel retail stations owned by Russian energy giant Lukoil. Russian President Vladimir Putin brought up the transaction during a September 5, 2026 meeting at the Kremlin with United States special envoy Steve Witkoff and presidential son-in-law Jared Kushner. Putin proposed completing the sale to demonstrate to the Russian public that commercial relations with the United States remain viable. The American envoys agreed to pursue the initiative, viewing the transaction as a mechanism to generate diplomatic goodwill with Moscow while helping lower international energy prices. Sourced accounts from eight people familiar with the confidential discussions confirmed the scope of the negotiations.

Investor consortium and political connections

The consortium seeking to acquire the Lukoil assets comprises American billionaire investor Todd Boehly, two Middle Eastern commercial groups, and an agency of the United States government itself. Boehly, a prominent asset manager and co-owner of the Los Angeles Dodgers, has contributed $2 million to Donald Trump's political causes. That total includes a $1 million donation to the MAGA Inc. political committee in December 2025, which coincided with the initial acceleration of the Lukoil negotiations. The two Middle Eastern investment groups have established business relationships with Kushner and the family of Witkoff. In addition, broader commercial ties link the participating partners to Donald Trump, his three sons, and Ivanka Trump. Sourced accounts indicate that neither Kushner nor Witkoff is positioned to receive personal financial profits from the deal.

Sanctions relief and Lukoil foreign holdings

Lukoil's overseas portfolio spans assets as varied as oil production fields in Cameroon, refining facilities across Europe, and retail gas stations located in New Jersey. United States sanctions imposed on Russia have sharply diminished the commercial value of these foreign properties for domestic owners, subjecting them to fire-sale conditions. Finalizing the acquisition depends entirely on formal regulatory clearance from both the United States government and the Kremlin. Sanctions relief granted by Washington would immediately unblock the assets and elevate their valuation for the purchasing consortium. Although Lukoil is technically structured as a private corporation, final authority over the disposal of its foreign energy footprint rests with Putin.

Commercial diplomacy in Ukraine negotiations

The energy discussions shed light on the White House approach to ending a four-year war that has resulted in hundreds of thousands of casualties. Trump has promoted commercial agreements with Moscow since early 2025, publicly describing Russia as a "tremendous opportunity." The administration has indicated that select commercial transactions could proceed prior to the conclusion of a formal peace treaty between Russia and Ukraine. In parallel, Kremlin envoy Kirill Dmitriev has presented proposals to American representatives regarding Russian natural gas, crude oil, port infrastructure, and rare earth deposits. Representatives for the White House, the United States Department of the Treasury, and Lukoil did not respond to requests for comment following the disclosure of the negotiations.