US-Russia Ukraine Talks Expand to Include Multibillion-Dollar Lukoil Oil Deal

The Trump administration’s talks with Russia on ending the war in Ukraine have expanded to include a multibillion-dollar sale of Russian energy giant Lukoil’s international assets, according to The New York Times.

Russian President Vladimir Putin raised the deal during a September 5 meeting at the Kremlin with US envoys Steve Witkoff and Jared Kushner, the Times reported on Saturday, citing three people familiar with the talks. Putin presented the transaction as a way to demonstrate to Russians that business with the United States could resume, while the American negotiators said they would work on it — viewing the sale as a potential way to build goodwill with Moscow and bring down global energy prices, according to the report.

The deal would cover a sprawling portfolio of oil fields, refineries and gas stations around the world owned by Lukoil. The company agreed in January to sell the overseas holdings to private equity firm Carlyle in a transaction valued at roughly $20 billion to $22 billion, but it remains subject to US government approval after sanctions limited the Russian owners’ ability to operate the assets abroad, the newspaper reported.

A rival bidding consortium includes US investor Todd Boehly, Middle Eastern executives with business ties to the families of Kushner and Witkoff, and an arm of the US government, the Times said, adding that a senior administration official confirmed the envoys helped negotiate federal financial terms including “a substantial upfront payment and profits interest for the United States.” The report added there is no indication the negotiators themselves stand to profit. The White House, the US Treasury Department and Lukoil did not respond to requests for comment, Reuters reported.

Sources:

• Reuters: US-Russia talks on Ukraine involve multi-billion dollar oil deal, NYT reports (link)
• The New York Times exclusive reporting, October 3, 2026 (link)