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

What Happened

The New York Times reported that US and Russian negotiators are discussing a multibillion-dollar deal covering Lukoil's global portfolio of oil fields, refineries and petrol stations, requiring approval from both the US government and the Kremlin. The group seeking to finalise the agreement includes US investor Todd Boehly, who donated US$2 million to President Donald 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. According to three people familiar with the matter, Vladimir Putin raised the deal during a 5 September Kremlin meeting with Steve Witkoff and Jared Kushner, reportedly to show Russians they can do business with the US, while the Americans saw it as a way to improve relations and lower global energy prices. The deal would require lifting American sanctions on the assets, which include oil fields in Cameroon, refineries in Europe and petrol stations in New Jersey.

Key Actors

Why It Matters

The proposed sale links sanctions relief for a sanctioned Russian energy major to high-level US-Russia diplomacy over the war in Ukraine. Approval would lift American sanctions on Lukoil's assets, immediately boosting their value and providing potential economic benefit to the Kremlin at a time when Washington is seeking leverage or improved relations. The deal also raises conflict-of-interest concerns because leading investors include a Trump donor and groups linked to Witkoff and Kushner, and it highlights how private business interests are intertwined with the Trump administration's Russia policy.

Watch For

Watch whether the US Treasury's Office of Foreign Assets Control grants approval for the Lukoil asset sale and whether the 19 September deadline is met or extended. Also monitor any official Kremlin or White House confirmation of the negotiations, further US sanctions decisions on Lukoil or Rosneft, and whether Todd Boehly or the two Middle Eastern groups publicly emerge as buyers.