NYT: US and Russia negotiating multibillion-dollar deal over Lukoil assets

The New York Times, citing eight sources familiar with the matter, reports that the US presidential administration's negotiations with Russia over ending the war in Ukraine have broadened to include a multibillion-dollar deal involving assets of Lukoil, one of Russia's largest energy companies. The company's global holdings include oil fields, refineries and petrol stations spanning locations from Cameroon to Europe and New Jersey.

Who is involved

The group working to finalize the deal includes US investor Todd Boehly, who has donated $2 million to Trump's political causes, two Middle Eastern business groups with past dealings connected to the families of Trump negotiators Steve Witkoff and Jared Kushner, and a branch of the US government itself. According to the report, there is no evidence either Witkoff or Kushner would personally profit from the arrangement.

Putin's role

Russian leader Vladimir Putin reportedly raised the deal during a September 5 meeting with Witkoff and Kushner at the Kremlin. One source said Putin pitched it as a way to show Russians that doing business with the US is possible. The American side reportedly responded that they would work on it, viewing the deal as a chance to improve relations with the Kremlin while also helping lower global energy prices. The transaction would be highly profitable for buyers too, since US approval would lift sanctions on the assets and immediately raise their value. Although Lukoil is officially a private company, it is widely believed in Moscow that the final decision rests with Putin.

Background

In October 2025, the Trump administration imposed new sanctions on Russia for the first time in his second term, targeting companies including Rosneft and Lukoil. At the same time, the US has repeatedly extended deadlines for the sale of sanctioned Lukoil assets — the latest extension, announced in August, gave buyers until September 19 to complete a sale, subject to approval from the US Treasury's Office of Foreign Assets Control.