Ongoing Talks Between U.S. and Russia on Lukoil's Overseas Holdings
The Trump administration is actively negotiating with Russian officials regarding a complex deal involving Lukoil’s foreign oil assets valued in the billions. Leading the American side are key figures such as Stephen Witkoff and Jared Kushner, working alongside prominent Middle Eastern businessmen. On September 5, 2026, Russian President Vladimir Putin brought up the Lukoil agreement during a high-level meeting at the Kremlin with Witkoff and Kushner.
Asset Valuation and Principal Parties Involved
At the start of 2026, Lukoil appraised its international portfolio at $20 billion. The company’s oil fields are primarily located in Cameroon, while its refineries operate in the Netherlands, Bulgaria, and Romania. Additionally, Lukoil owns gas stations in New Jersey. Among the top contenders to acquire these assets is American billionaire Todd Boehly, who previously donated $1 million to the MAGA Inc. committee and another $1 million to Trump's inauguration through his firm Eldridge Industries in December 2025.
The deal envisions the U.S. government securing a stake through the U.S. International Development Finance Corporation (DFC). Also involved is the Qatari al-Hayat brothers’ conglomerate, partners of Kushner and Ivanka Trump in developing a resort in Albania, holding a significant share. An investment fund from Abu Dhabi, controlled by Sheikh Tahnoon bin Zayed Al Nahyan, is another major participant. Notably, this fund acquired a large portion of World Liberty Financial, a crypto company co-founded by Witkoff’s family that generated $799 million for Trump in 2025.
Stephen Witkoff, who does not receive a salary and travels internationally on his private jet at his own expense, represents President Trump’s interests in brokering peace and facilitating prisoner returns, according to his press office. They emphasize that Witkoff maintains no financial stake or conflict of interest in the transaction.
U.S. sanctions against Lukoil were imposed a year ago to pressure Putin, granting Washington veto power over any asset transfer. A current business exemption for Lukoil remains valid until October 29, 2026. In November 2025, the U.S. Treasury rejected Swiss trader Gunvor’s application to engage with Lukoil’s assets. Earlier, in January 2026, the Washington-based investment firm Carlyle struck a preliminary deal to purchase those assets but failed to secure U.S. government approval.
Critical decisions on this transaction are being made within the White House. Putin’s economic envoy, Kirill Dmitriev, attended meetings in New York and Washington in September 2026 to discuss the matter. The U.S. Treasury has stated that "as long as Putin continues senseless killings, the Kremlin-backed Gunvor will never receive a license to operate or profit."
This negotiation highlights the intricate interplay between global economic interests and geopolitical tensions. Given ongoing U.S. sanctions on Russia and the associated security concerns, any agreement involving Lukoil’s assets will undergo thorough scrutiny to align with Washington’s policies. The involvement of influential business leaders and international political figures signals potential wide-reaching impacts on the energy sector and regional geopolitical dynamics.
As negotiations over Lukoil's assets unfold, discussions surrounding Ukraine's post-war economic landscape are also intensifying. The outcomes of these talks could significantly influence both regions, especially considering the intertwined interests of U.S. and Russian stakeholders in global energy markets.