U.S.-Russia negotiations aimed at finding a way to end the war in Ukraine have expanded to include discussions over a multibillion-dollar deal involving the international assets of Russian energy giant Lukoil, raising questions about the growing role of commercial interests in the diplomatic process.
The proposed transaction involves a large portfolio of Lukoil assets outside Russia, including oil fields, refineries and petrol stations around the world.
According to a New York Times report cited by Reuters, the investor group pursuing the assets includes American billionaire Todd Boehly, two Middle Eastern business groups with previous commercial connections to the families or businesses of U.S. negotiators Steve Witkoff and Jared Kushner, as well as an arm of the U.S. government.
The proposal has become intertwined with diplomatic contacts between Washington and Moscow over Ukraine.
Russian President Vladimir Putin reportedly raised the Lukoil transaction during a September 5 meeting at the Kremlin with Witkoff and Kushner, who have been involved in President Donald Trump’s efforts to negotiate with Moscow.
According to the report, Putin presented completion of the transaction as a possible demonstration to Russians that commercial relations between Russia and the United States could continue despite years of sanctions and political confrontation.
The potential deal would need approval from both the U.S. government and the Kremlin before it could proceed.
The involvement of investors with connections to Trump’s political or diplomatic circle is likely to bring additional scrutiny to the negotiations.
Boehly, a prominent American investor and co-owner of Chelsea Football Club, has contributed $2 million to political causes associated with Trump, according to the New York Times report.
The other prospective investors reportedly include Middle Eastern business interests that have previously conducted business with Kushner or members of Witkoff’s family.
However, the existence of those business relationships does not by itself establish wrongdoing or show that Witkoff or Kushner would personally benefit from the proposed transaction. The deal remains under discussion and its final structure has not been announced.
Neither the White House, the U.S. Treasury Department nor Lukoil immediately responded to Reuters’ requests for comment on the report.
The development comes as the Trump administration continues efforts to negotiate an end to Russia’s war in Ukraine while simultaneously exploring the possibility of renewed economic cooperation with Moscow.
Kirill Dmitriev, Putin’s special envoy and head of the Russian Direct Investment Fund, recently travelled to Washington for discussions with American officials.
A U.S. official said those talks covered the Ukraine conflict as well as possible future energy cooperation between the United States and Russia after the war. Dmitriev met representatives from the U.S. Treasury and Energy departments during the visit.
The discussions highlight the complicated relationship between diplomacy, sanctions and commercial opportunities.
Lukoil is one of Russia’s largest oil companies, and Russian energy revenues have been a major target of Western sanctions imposed in response to Moscow’s invasion of Ukraine.
The United States and its European allies have sought to restrict Russia’s ability to generate revenue from oil and gas while maintaining enough supply on global markets to avoid severe energy shortages.
Washington has also continued considering additional pressure on countries and companies involved in purchasing Russian energy. In July, more than 60 U.S. senators backed legislation targeting major buyers of Russian oil and gas as part of efforts to weaken Moscow’s ability to finance the war.
That creates a potentially sensitive backdrop for negotiations involving Russian oil assets.
Ukraine has continued pressing Washington for tougher sanctions rather than economic concessions to Moscow. Kyiv is seeking additional measures against Russian companies, including businesses it says help Russia evade existing restrictions and sustain its military operations.
There is no indication so far that Ukraine is a party to the proposed Lukoil transaction.
The oil discussions also do not mean that Washington and Moscow have reached an agreement to end the war. Fighting continues, and significant disagreements remain over territory, security arrangements and the conditions required for a lasting settlement.
The reported Lukoil negotiations nevertheless reveal another dimension to Trump’s approach to Russia: the possibility that economic cooperation could become part of a wider effort to encourage an eventual political settlement.
Whether the oil transaction ultimately proceeds will depend on regulatory approval, negotiations with Moscow and the broader direction of U.S.-Russia relations.
Its connection to individuals and business groups with ties to prominent figures involved in Trump’s diplomatic effort is also likely to ensure that the proposed deal receives close political and public scrutiny as negotiations over Ukraine continue.
