The US government has proposed a $20 billion deal to sell the North American assets of the Russian oil giant Lukoil in exchange for Kremlin cooperation on the war in Ukraine and lower global energy prices, according to the New York Times. The proposal involves transferring a vast portfolio of frozen assets, including 200 US gas stations, to an investor group with financial ties to Trump administration insiders.
The effort seeks to resolve the status of Lukoil assets that have been frozen under US sanctions since 2025 while attempting to use economic pressure to influence Moscow's position in the ongoing conflict.
Putin proposes sale during Moscow talks
Russian President Vladimir Putin personally brought the potential transaction to the table during a meeting in Moscow on September 5, when he received US special envoys Steve Witkoff and Jared Kushner, as reported by tagesanzeiger.ch. Putin reportedly presented the sale as a signal that American and Russian enterprises could resume business despite the war in Ukraine, according to bild.de. The New York Times reported that the initiative also aims to demonstrate to the Russian public that Moscow can continue earning money from the United States.
The proposed transaction encompasses a massive global portfolio of Russian energy assets. According to tagesanzeiger.ch, the holdings include oil fields in Cameroon, refineries in the Netherlands, Bulgaria, and Romania, and hundreds of retail gas stations across the United States. Because Lukoil has been subjected to US sanctions since 2025, the US Treasury Department has faced difficulties handling these frozen assets, which would instantly increase in value if US restrictions were lifted, n-tv.de noted.
Boehly leads consortium with Trump ties
The consortium seeking to acquire the Lukoil assets includes figures with close financial and political links to the Trump administration. According to bild.de, the buyer group is spearheaded by US billionaire Todd Boehly, co-owner of the Los Angeles Dodgers, who previously donated $2 million to political organizations close to Donald Trump. Additional participants include Qatari entrepreneurs Moutaz and Ramez Al-Khayyat, who share business ties with Jared Kushner and Ivanka Trump, as well as an Abu Dhabi investment fund controlled by Sheikh Tahnoon bin Zayed Al Nahyan, which also connects to business ventures involving Kushner’s circle.
These financial entanglements have drawn scrutiny from ethics experts. While the New York Times reported no direct evidence that Kushner or Witkoff would personally profit from the transaction, the deal involves a massive upfront payment and ongoing profit-sharing arrangements with allied investors.
Energy Pressures and the October Deadline
The administration's willingness to pursue the Lukoil buyout marks a change in diplomatic pressure. Previously, Washington conditioned such sales on concrete Russian concessions in the Ukraine war, according to bild.de. However, rising energy prices driven by the conflict involving Iran have intensified domestic political pressure on Donald Trump to secure lower oil prices for American consumers.
The push for an agreement operates under a strict timeline. According to tagesanzeiger.ch, the critical deadline for reaching a formal settlement falls on October 29. The US Treasury Department must formally approve the transaction before any assets can be transferred or unfrozen.
Details of the proposed Lukoil transaction
What assets are included in the proposed Lukoil deal?
The proposed $20 billion transaction covers Lukoil’s international holdings, which include oil fields in Cameroon, refineries in the Netherlands, Bulgaria, and Romania, and approximately 200 gas stations located inside the United States.
Who represented the United States during the negotiations in Moscow?
Jared Kushner, the son-in-law of Donald Trump, and real estate investor Steve Witkoff traveled to Moscow as White House special envoys to meet with Russian President Vladimir Putin on September 5.
Which investors are positioned to acquire the assets?
The buying group is led by US billionaire Todd Boehly alongside Qatari businessmen Moutaz and Ramez Al-Khayyat and an investment fund from Abu Dhabi under the control of Sheikh Tahnoon bin Zayed Al Nahyan.
When is the deadline for finalizing the agreement?
The critical deadline for reaching a formal decision on the transaction is October 29, pending official review and approval by the US Treasury Department.
Sanctions force sale of retail network
Lukoil has been under US sanctions since 2025, forcing the US Treasury Department to seek buyers for the company’s immobilized North American retail network.
As the October 29 deadline approaches, neither the White House, the US Treasury Department, nor Lukoil has responded to requests for comment regarding the final structure of the agreement or whether formal approval will be granted.
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