The Trump administration's negotiations with Russia over ending the war in Ukraine have taken on a new dimension: the talks now include a multibillion-dollar oil deal involving the international assets of Russian energy giant Lukoil, with prospective buyers closely tied to U.S. negotiators Steve Witkoff and Jared Kushner, The New York Times reported Saturday.
Oil mega-deal joins the negotiating table
The deal covers Lukoil's sprawling portfolio of oil fields, refineries and gas stations around the world, valued in the tens of billions of dollars. Completing it would require approval from both the U.S. government and the Kremlin. The White House, the U.S. Treasury Department and Lukoil did not respond to requests for comment.
Putin floated it at the Kremlin on September 5
Citing three people familiar with the meeting, the Times reported that Russian President Vladimir Putin raised the deal during his September 5 meeting with Witkoff and Kushner at the Kremlin. Putin presented the sale as a way to show Russians they could still do business with the United States despite sanctions. Witkoff and Kushner told Putin they would work on the deal, saying completing it could build goodwill with the Kremlin and help bring down global energy prices.
Boehly, Qatari investors emerge as buyers
The group pursuing the deal includes U.S. billionaire Todd Boehly, two Middle Eastern investment groups with business ties to Kushner or Witkoff's family — Qatari and Emirati investors — and the U.S. International Development Finance Corporation, an arm of the American government. Boehly has donated $2 million to President Trump's political campaigns. The report stresses there is no indication that Witkoff or Kushner personally stands to profit from the transaction.
The two negotiators occupy different positions. Witkoff is Trump's special envoy, formally sworn in as senior adviser in May 2025, and the White House says he acts under Trump's instructions. Kushner holds no federal government position; he is Trump's son-in-law and served as a senior White House adviser in the first term, yet he has been included in high-level diplomatic missions in the second administration.
Deal still needs approval from both capitals
Lukoil agreed in January to sell its international assets to private equity firm Carlyle for about $20 billion to $22 billion, but the sale remains subject to U.S. approval since sanctions have made it difficult for the Russian owners to operate the assets abroad. With the assets now linked to the Ukraine ceasefire talks, the negotiations have become as much about energy and capital as about the battlefield. Whether the deal goes through will depend on approval from both Washington and Moscow.