Proposed Lukoil Asset Sale Enters U.S.-Russia Talks

A proposed sale of Lukoil’s international oil assets has become part of U.S.-Russia discussions on ending the war in Ukraine, but the transaction is not finalized and would require approval from both the U.S. government and the Kremlin. The prospective buyer group includes U.S. investor Todd Boehly and Middle Eastern investors with business ties to U.S. envoys Steve Witkoff or Jared Kushner, according to people familiar with the negotiations cited in reports. The assets under discussion include oil fields, refineries and fuel stations in multiple countries. The reports do not establish the transaction’s final scope or terms. One account put its potential value at about $20 billion, while others described it only as a multibillion-dollar deal. Vladimir Putin raised the prospective sale at a September 5 meeting with Witkoff and Kushner, according to people familiar with the discussion. He proposed it as a way to demonstrate that U.S. and Russian businesses could conduct deals, the accounts said. The meeting took place amid talks focused on ending the war in Ukraine. The proposed investor group also reportedly includes an entity affiliated with the U.S. government.