The United States and Russia are discussing a multi-billion-dollar oil deal within Ukraine negotiations — NYT

The sale of the Russian company’s international business requires approvals from Washington and the Kremlin.

Negotiations between the administration of U.S. President Donald Trump and Russia over ending the war in Ukraine have encompassed a multi‑billion‑dollar deal to sell Lukoil’s foreign assets. Its realization could benefit Middle Eastern businessmen connected to American negotiators Steve Vitkoff and Jared Kushner. The New York Times reported.

Discussions between the Trump administration and Moscow about ending the war in Ukraine have expanded. It now includes a possible sale of Lukoil’s international operations — one of Russia’s largest energy companies. The deal concerns a large network of oil fields, refineries, and gas stations in various countries. Its consummation would require the approval of the U.S. and Russian governments.

The group currently leading among the bidders for these assets includes American investor Todd Boeley. He has donated a total of 2 millions of dollars to Trump’s political initiatives. Other participants are two Middle Eastern business groups that have worked with Kushner or the Vitkoff family, as well as a structure of the U.S. government.

Eight people with knowledge of the negotiations told reporters. Because of the sensitivity of the issue, they spoke only on condition of anonymity. Their testimony reveals new details about Trump’s approach to ending Russia’s war against Ukraine.

There is no indication that Kushner or Vitkoff themselves would profit from the deal. Yet the possible sale demonstrates a close intertwining of personal business ties with geopolitics. By the newspaper’s estimate, this is a notable case even for an administration that regularly rejects warnings about potential conflicts of interest.

Russian dictator Vladimir Putin raised the issue of the sale during talks with Vitkoff and Kushner in the Kremlin 5 in September. He proposed completing the deal to show Russians the possibility of doing business with the United States. American representatives said they would work on it. They viewed the deal as a way to improve the Kremlin’s attitude while also lowering global energy prices.

For buyers, the operation could also be profitable. An American license to sell would remove the assets from under U.S. sanctions. That would immediately raise their value. In Moscow, the final decision on the deal is widely regarded as Putin’s prerogative, though formally Lukoil is a private company. So the fate of the large operation effectively depends on the Russian president and Trump. It concerns various assets—from oil fields in Cameroon and plants in Europe to gas stations in New Jersey.

Trump has been promoting the idea of business deals with Russia since the beginning of last year. He called the country a “great opportunity.” The potential sale of Lukoil again draws attention to the Trump cryptocurrency company World Liberty Financial, of which Vitkoff was a co‑founder. One of the investors in the oil deal is also a co‑owner of World Liberty.

Vitkoff and Kushner have repeatedly traveled to Russia for meetings with Putin. They argued that the prospect of restoring economic ties with the West could push the Russian president toward a compromise on Ukraine.

Recently the U.S. administration has signaled that it is willing to consider deals with Russia even before the war ends. In Washington they see this as a way to demonstrate seriousness about resetting relations with Moscow. According to knowledgeable sources, the sale of Lukoil assets is one of such deals.

A senior administration official confirmed in a statement that Vitkoff and Kushner directly helped coordinate the financial terms of the federal government’s participation in the operation. He said they pressed for a deal that would include a significant upfront payment and a share of profits for the United States.

But buyers will not be limited to American entities. A substantial share is to go to a Qatari conglomerate controlled by brothers Mutaz and Ramez al‑Hayati. Both attended Trump’s inauguration in 2025 year. Since then the brothers have become partners of Kushner and his wife Ivanka Trump, the president’s daughter. They are helping finance a multi‑billion‑dollar luxury resort project in southern Albania.

Another major participant in the deal will be an investment fund from Abu Dhabi. It is controlled by Sheikh Tahnoon bin Zayed Al Nahyan—the UAE’s national security adviser. The sheikh also controls another fund that bought a significant stake in the Trump family’s World Liberty cryptocurrency company. Vitkoff’s son is involved in its management. Steve Vitkoff himself was one of the founders of the company, in which the Trumps’ sons are also involved.

The September meeting 5 marked the first time the Lukoil issue appeared in Putin’s discussions with Vitkoff and Kushner. At the same time, the sale process has actively involved Putin’s economic envoy Kirill Dmitriev. He visited New York and Washington last month for meetings.

As a reminder,Kirill Dmitriev had previously discussed bilateral US‑Russia cooperation with Steve Vitkoff and Jared Kushner. The meeting occurred 24 in September in New York. Another main topic was ending Russia’s war against Ukraine. U.S. Secretary of State Marco Rubio said there was a possibility of drafting a road map for renewing peace talks.

Additionally, 28 in September Dmitriev discussed possible energy initiatives between the U.S. and Russia after the war. The talks also touched on ending Russia’s war against Ukraine. During the visit he met with officials from the U.S. Departments of the Treasury and Energy. A U.S. official called the discussions constructive.