Trump-linked investors eye $20-22 bn Lukoil assets in latest US-Russia talks to end Ukraine war
&imwidth=600&imheight=450&format=webp&quality=medium "Trump-linked investors eye $20-22 bn Lukoil assets in latest US-Russia talks to end Ukraine war")
Russian oil giant Lukoil logo is pictured at the Saint Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 19, 2025 Photograph: (AFP)
A group including Trump donor Todd Boehly, Gulf investors and the US government is seeking Lukoil's overseas oil and gas assets in a multibillion-dollar deal.
US-Russia talks on ending the war in Ukraine will involve a multibillion-dollar oil deal for international assets such as oil fields, refineries and gas stations around the world owned by one of Russia's biggest energy companies, Lukoil, reported the US-based newspaper New York Times.
The deal is contingent on the approval of the US and Russian governments. The deal was raised by Russian President Vladimir Putin during a September 5 meeting at the Kremlin with US envoys Steve Witkoff and Jared Kushner. He framed the asset sale as a way to show that Russian and US businesses could resume working together. According to the NYT, this deal is the latest attempt by US President Donald Trump to end the Russia-Ukraine war.
Who else is in the deal?
The leading group seeking Lukoil's assets includes American investors and Trump donor Todd Boehly, two Gulf groups related to Steve Witkoff and Jared Kushner and the US government.
Todd Boehly, a billionaire co-owner of the Los Angeles Dodgers, donated $1 million to Trump-aligned MAGA Inc. and Trump’s inauguration. He also fronted the consortium that bought Chelsea Football Club from Russian oligarch Roman Abramovich. The $5.2 billion takeover was officially completed in May 2022.
Qatar-based Al-Khayyat Brothers, Moutaz and Ramez Al-Khayyat, are also part of the deal. They have attended Trump's inauguration in 2025. They, along with Kushner and Ivanka Trump, are also financing the multibillion-dollar luxury resort project in Albania, which has stirred up the Flamingo revolution.
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Sheikh Tahnoon bin Zayed Al Nahyan, the Abu Dhabi royal, controls investment funds backing the deal. They also have a stake in World Liberty Financial, the crypto entity co-founded by Witkoff and linked to the Trump family, which generated $799 million for Trump last year, according to the report.
Sheikh Tahnoon also helps oversee Lunate, an Abu Dhabi fund that is among the largest stakeholders in Kushner’s private equity firm. Witkoff’s spokeswoman said he has “no conflict of interest and no financial stake in this matter.” It is unclear whether Kushner and Witkoff are likely to benefit from the deal, reported Times.
The US International Development Finance Corporation, or DFC, is also seeking a stake with Kushner and Witkoff helping negotiate financial terms to ensure “a substantial upfront payment and profits interest for the United States.”
What are Lukoil's assets?
According to Lukoil's international assets are valued at $20-22 billion, including major energy infrastructure across roughly 30 countries across continents, spanning upstream oil and gas fields, vital European refineries, and hundreds of retail gas stations in Europe and the United States. Since Russia's invasion of Ukraine, US and Western sanctions have heavily restricted Lukoil's ability to operate or profit from these overseas holdings; the assets have effectively been traded at distressed or "fire sale" rates. Now the parties in the proposed deal believe that, following the government approval and subsequent removal of sanctions, the values are likely to skyrocket.
