On September 5, Russian President Vladimir Poutine met with US envoys Steve Witkoff and Jared Kushner at the Kremlin in Moscow, Russia. During the meeting, Poutine discussed a potential transaction worth around $20 billion. This deal is related to the sale of foreign assets of the Russian oil company Lukoil. Lukoil's assets include oil fields, refineries, and service stations, and the company has interests in eleven countries.
Lukoil has been under US sanctions since October 2025, which has led the company to seek a buyer for its foreign assets. According to the New York Times, citing informed sources, Poutine presented the sale as a way to show Russians that they can do business with the United States. However, the deal would require approval from both the US government and the Kremlin.
A consortium led by US investor Todd Boehly, co-owner of the Chelsea football club, is reportedly in the lead to purchase Lukoil's assets. The consortium would include two Middle Eastern groups already doing business with Kushner or Witkoff's family, as well as a US government agency. There are also reports of a 15% participation by the US Development Finance Corporation (DFC), Sheikh Tahnoun ben Zayed Al Nahyan, brother of the UAE President, and the Allied Investment Partners fund.
The potential deal has raised questions about the involvement of various parties. While none of the participations have been officially confirmed, sources in the sector suggest that the consortium is seeking to outbid Carlyle, a US fund that signed an agreement in January to acquire Lukoil International, which holds assets outside of Kazakhstan. Lukoil had stated that the agreement was not exclusive and depended on authorization from the US Treasury.
Carlyle had assured that it wanted to guarantee "operational continuity and job preservation," emphasizing the "critical importance" of these assets for the infrastructure and energy security of the countries concerned. However, the Kremlin had expressed reservations about the agreement, with spokesperson Dmitri Peskov stating that the essential thing was that "the interests of the Russian company concerned be protected and respected."
The proposed $20 billion deal is seen as a significant development in the context of the ongoing conflict in Ukraine. The involvement of US envoys and the potential participation of US government agencies suggest that the deal could have far-reaching implications for the global energy landscape. The deal would also be a significant test of the ability of the US and Russia to cooperate on major economic projects.
The outcome of the discussions between Poutine and the US envoys remains uncertain. The deal would require approval from multiple parties, including the US government and the Kremlin. If successful, the transaction could have significant implications for Lukoil, the US-Russia relationship, and the global energy market. Key parties involved in the deal include Todd Boehly, Steve Witkoff, and Jared Kushner.
Key points
- The proposed deal involves a $20 billion transaction for Lukoil's foreign assets.
- The deal requires approval from both the US government and the Kremlin.
- A consortium led by Todd Boehly is reportedly in the lead to purchase Lukoil's assets.
