Stories
US-Russia Ukraine Talks Expand to Include USD20 Billion Lukoil Oil Deal
- •US negotiations with Russia over the Ukraine war now include a potential USD20 billion deal for Lukoil's international assets, covering oil fields, refineries, and petrol stations globally.
- •The proposed transaction has drawn attention due to prospective investors' connections to US President Donald Trump, his family, or his negotiators, Steve Witkoff and Jared Kushner.
- •Russian President Vladimir Putin discussed the deal with Witkoff and Kushner, presenting it as a way to resume economic ties with the US and potentially lower global energy prices.
- •Leading investors include American billionaire Todd Boehly, the US government through the US International Development Finance Corporation, and Middle Eastern investors with existing ties to Kushner and Ivanka Trump.
- •The deal raises conflict-of-interest concerns due to overlapping political and business relationships, with the Trump administration's sanctions on Lukoil giving Washington significant influence over the sale.
Key Questions Answered
US-Russia talks regarding ending the war in Ukraine expanded to include a multibillion-dollar transaction covering international assets of Russian oil company Lukoil, which valued its global holdings at USD20 billion earlier this year. The proposed deal involves oil fields, refineries, and petrol stations worldwide, though the final price and structure remain unclear.
The leading group seeking Lukoil's assets is headed by American billionaire Todd Boehly, co-owner of the Los Angeles Dodgers. The group also includes the US International Development Finance Corporation, a Qatar-based conglomerate controlled by the Al-Khayyat brothers, and an Abu Dhabi investment fund managed by Sheikh Tahnoon bin Zayed Al Nahyan.
The deal has drawn scrutiny because prospective investors and partners have business or political connections to US President Donald Trump, his family, or his main negotiators Steve Witkoff and Jared Kushner. Ethics experts have questioned whether these overlapping relationships and entanglements could influence how competing bids are assessed.
