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Vladimir Putin raised the proposed sale of Lukoil’s foreign assets during a September 5 meeting with U.S. envoys Steve Witkoff and Jared Kushner, The New York Times reported. The deal has become part of U.S.–Russia talks on ending the war in Ukraine, while the buyer, sale price and U.S. approval remain unresolved.
Russian President Vladimir Putin raised the sale of Lukoil’s foreign assets with U.S. envoys Steve Witkoff and Jared Kushner during a September 5 meeting, The New York Times reported, making the proposed transaction part of discussions about ending the Russia–Ukraine war. The sale could involve a business valued at about $20 billion, but no final buyer or price has been established in the reporting.
Putin proposed seeing the deal through, according to one of the sources cited by the Times. The source said Putin argued that completing it would show that Russians and Americans can do business together. The report does not establish that the U.S. envoys agreed to that framing or that the sale was settled during the meeting.
The potential transaction follows U.S. sanctions on Lukoil imposed in the fall of 2025. The company then began seeking a buyer for its foreign assets, which the source material values at about $20 billion. That figure describes the assets’ reported value; the amount a buyer might ultimately pay is not known.
The Financial Times has reported that possible investors include former Chelsea co-owner Todd Boehly, Sheikh Tahnoon, the brother of the United Arab Emirates president, and the Qatari Al-Khayyat family. Their reported interest does not mean any of them has secured the assets. The process also faces a U.S. approval hurdle: earlier bids from Gunvor and Carlyle have not resulted in an approved sale.
A Sale Tied to War Diplomacy
The reported discussion links a major corporate transaction to diplomacy over the war. That matters because the sale concerns Lukoil’s overseas business, while U.S. sanctions and regulatory approval shape which buyer can take control. A decision on the transaction could therefore have consequences for the company and investors, as well as for the wider U.S.–Russia relationship.
The reported investors’ connections to people involved in U.S. diplomacy have also prompted conflict-of-interest questions. The Financial Times described ties between the prospective investors and Trump- or Witkoff-connected circles. Those relationships are relevant context, but the reporting provided here does not establish that they affected official decisions or that any improper conduct occurred.
For readers following the negotiations, the reported inclusion of the sale indicates that economic questions are being discussed alongside the war. The available account does not show whether the asset transaction is a condition of a broader agreement, a separate topic raised in talks, or a measure of progress toward ending the fighting.
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Sanctions and Earlier Bids
After the Trump administration imposed sanctions on Lukoil in the fall of 2025, the company began searching for a buyer for its foreign assets. The proposed sale has since attracted attention from potential investors and U.S. authorities, who have a role in whether a transaction can proceed.
Gunvor, a trading company with Russian links, was the first reported bidder. U.S. authorities called Gunvor a “puppet” of the Kremlin and declined to approve its proposed acquisition, according to the source material. The term was the authorities’ characterization, not an independent finding presented here. Gunvor’s attempt did not complete the sale.
U.S. investment fund Carlyle later became another contender. The U.S. Treasury Department has not approved its application, according to the report. The available material does not say whether Carlyle remains in the process or whether the other investors named by the Financial Times have submitted formal offers.
“Completing the deal would confirm that Russians and Americans can do business together.”
— Vladimir Putin, as described by a source cited by The New York Times
Buyer, Price and Approval Remain Open
The reported account leaves several central questions unanswered. It is not clear which investor, if any, will acquire the assets, what price would be agreed, or whether U.S. authorities would approve a new proposal. The reported asset valuation of about $20 billion does not establish a likely sale price.
It is also unclear what role, if any, the transaction would play in a potential agreement to end the war. The source material says the sale has become part of U.S.–Russia talks, but does not describe the terms under discussion or say that either side has made the deal a condition of progress.
The reported links between possible investors and figures close to President Donald Trump raise questions voiced by Chen and others cited in the coverage. The available reporting does not establish that the envoys took part in choosing a buyer, that officials changed an approval decision because of those ties, or that any legal or ethics violation occurred.
Treasury Review and Talks Continue
The next concrete step for any proposed acquisition is likely to depend on a buyer submitting a transaction that can receive U.S. approval. Carlyle’s application remains unapproved, and the earlier Gunvor bid was rejected. The reporting does not give a timeline for a Treasury decision or identify a final offer.
Further information from the U.S. government, Lukoil or prospective buyers could clarify the sale process, including the bidders, price and conditions. Additional accounts of the U.S.–Russia discussions may also show whether the asset sale is connected to specific proposals for ending the war. For now, the sale is a reported subject of talks, while its outcome and its diplomatic significance remain unsettled.
Key Questions
What did Putin raise with the U.S. envoys?
The New York Times reported that Putin raised the proposed sale of Lukoil’s foreign assets with Steve Witkoff and Jared Kushner on September 5. A source told the paper Putin proposed completing the deal as a sign that Russians and Americans could do business together.
Who may buy Lukoil’s foreign assets?
The Financial Times reported that possible investors include Todd Boehly, Sheikh Tahnoon and the Al-Khayyat family. The available reporting does not establish that any has won the assets or completed a purchase.
How much could the assets sell for?
The assets are described as worth about $20 billion, but that is not a confirmed sale price. The final amount, if a sale proceeds, remains unknown.
Have U.S. authorities approved a buyer?
No completed sale is identified in the source material. U.S. authorities refused to approve Gunvor’s proposed deal, and the Treasury Department has not approved Carlyle’s application.
Is the sale part of a Ukraine peace agreement?
The Times reported that the sale has become part of U.S.–Russia talks on ending the war. The available account does not say it is a condition of an agreement or explain what role it might play in negotiations.
Source: rss
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