US-Russia talks include proposed Lukoil oil deal

A New York Times report states US-Russia talks on ending the Ukraine war have expanded to a proposed multibillion-dollar sale of Lukoil’s oil fields, refineries and petrol stations. The buyer group includes Todd Boehly and Middle Eastern investors with business ties to Jared Kushner or Steve Witkoff’s family; US and Kremlin approval would be required.

• Multi-billion dollarsScale of the proposed sale — No price was disclosed
• 5 SeptemberMeeting where proposal was raised — At the Kremlin
• Eight peopleSources cited by the report — Familiar with negotiations

Q1

Where are the assets located?

The portfolio ranges from oil fields in Cameroon to European refineries and a petrol-station network in New Jersey.

Q2

Why does US approval matter?

US approval could remove sanctions from the assets, increasing their value to buyers, while the transaction also needs Kremlin approval.

Q3

What benefit do US negotiators see?

They see scope to lower global energy prices and build ties with the Kremlin while pursuing an end to the war.

Q4

What concern does the proposal raise?

Critics question whether diplomacy on Ukraine can be kept separate from commercial interests tied to people close to the negotiators.