U.S.-Russia talks on the war in Ukraine were followed by an agreement regarding Lukoil's assets
Negotiations between U.S. President Donald Trump’s administration and Russia regarding an end to the war in Ukraine have expanded and now include a potential multibillion-dollar deal involving the international assets of the Russian oil company Lukoil. Trump’s special envoys, Steve Witkoff and Jared Kushner, are directly involved in the discussions.
This information is also corroborated by reports on the progress of the negotiations, which cite sources familiar with the situation.
According to the publication’s sources, Russian President Vladimir Putin raised the issue of a potential deal during a meeting with Witkoff and Kushner at the Kremlin on September 5.
One of the sources noted that Putin proposed this agreement as a way to show Russians that Russia and the United States can restore business relations. The American side, he said, responded that it would work on a corresponding proposal.
The potential deal is being considered not only in the context of economic relations between the U.S. and Russia. It may also be linked to efforts to improve relations with the Kremlin and potentially influence global energy prices.
This involves Lukoil’s large international portfolio of assets, which includes oil fields, oil refineries, and networks of gas stations in various countries.
Among the assets that could be included in the deal are oil fields in Cameroon, oil refineries in Europe, and gas stations in the U.S., particularly in New Jersey.
The potential transaction is subject to approval by the U.S. government and the Kremlin. Although Lukoil is a private company, decisions regarding its international assets in Moscow are largely linked to Vladimir Putin’s position.
Earlier this year, Lukoil valued its international assets at approximately $20 billion. However, the final price and structure of a potential deal have not yet been disclosed.
A consortium led by American investor Todd Boeli has reportedly emerged as the leading group of potential buyers. It also includes two Middle Eastern groups and representatives of the U.S. government.
The U.S. side is participating through the U.S. International Development Finance Corporation.
Among the potential participants in the deal are a Qatari conglomerate controlled by Mutaz Al-Hayat and Ramez Al-Hayat, as well as an investment fund from Abu Dhabi controlled by Sheikh Tahnoun bin Zayed Al Nahyan.
However, the deal is not yet final and requires the necessary approvals from both the U.S. and Russia.
The potential deal has also drawn attention due to the business ties between the potential buyers and individuals involved in U.S. negotiations with Russia.
Mutaz and Ramez Al-Hayyat previously collaborated with Jared Kushner and Ivanka Trump on financing a multibillion-dollar luxury hotel and resort project in southern Albania.
Sheikh Tahnoun bin Zayed Al Nahyan also controls the Lunate Fund, which is one of the major shareholders in a private investment firm founded by Kushner after his tenure at the White House.
In addition, one of the potential investors in the deal with Lukoil is a co-owner of the cryptocurrency company World Liberty Financial, which was co-founded by Steve Witkoff.
At the same time, there are no indications that Jared Kushner or Steve Witkoff will personally profit from a potential deal. A spokesperson for Witkoff stated that he “has no conflict of interest and no financial stake in this matter.”
Various potential buyers, including American energy companies such as Chevron, have previously expressed interest in the Russian oil company’s international assets.
In January, the private investment firm Carlyle reached a preliminary agreement to acquire a significant portion of the assets. However, the process of obtaining the necessary approvals in the U.S. subsequently stalled.
After that, a group led by Todd Boeli and partners from the Middle East and the U.S. government became the leading bidder.
Earlier, the U.S. Department of the Treasury rejected an initial proposal by the Swiss energy trading company Gunvor to acquire Lukoil’s international assets.
The potential deal has not yet been finalized and must undergo the approval process in the U.S. Kirill Dmitriev, Vladimir Putin’s economic envoy, reportedly plays an important role in the process.
Dmitriev has stated that dialogue between Russia and the U.S. is ongoing in various areas, particularly in the energy sector.
Lukoil’s oil refineries in the Netherlands, Bulgaria, and Romania are also significant to the potential deal. These facilities produce, among other things, diesel and jet fuel.
At the same time, sanctions restrictions on Lukoil’s assets in the U.S. and other countries have been repeatedly extended while negotiations regarding their sale are ongoing. According to the information provided, the latest extension is valid until October 29.
Thus, a potential deal regarding Lukoil’s international assets has become an additional economic component of the Donald Trump administration’s negotiations with Russia; however, the final structure of the transaction, its value, and the terms have not yet been determined.
This is reported by The New York Times.
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