Lukoil’s Foreign Asset Sale Becomes Part Of U.S.–Russia Talks On Ending Ukraine War, NYT Reports

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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, according to The New York Times. The reported discussion links a sanctions-driven business deal to 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 proposed sale of Lukoil’s foreign assets during a September 5 meeting with U.S. President Donald Trump’s special envoys, Steve Witkoff and Jared Kushner, as part of talks on ending the war in Ukraine, The New York Times reported. The account connects a major sanctions-related business transaction to diplomacy between Washington and Moscow, though no completed sale or U.S. approval has been reported.

According to the NYT, Putin proposed that the deal be completed and said it would show that Russians and Americans can do business together. The newspaper cited sources familiar with the discussion. The available account does not establish that the asset sale was formally added to a negotiating agenda, or that the U.S. government agreed to facilitate it.

Lukoil began seeking a buyer for its foreign assets after the Trump administration imposed sanctions on the company in fall 2025. The assets were estimated at about $20 billion, but their eventual sale price is unknown. The Financial Times reported that potential investors include former Chelsea co-owner Todd Boehly, Sheikh Tahnoon, a brother of the United Arab Emirates president, and members of Qatar’s Al-Khayyat family.

Earlier efforts have not produced an approved transaction. The Russia-linked trading company Gunvor was the first to try to acquire Lukoil’s foreign business. U.S. authorities reportedly rejected the proposed deal after describing Gunvor as a “puppet” of the Kremlin. U.S. private equity firm Carlyle later emerged as another contender, but the Treasury Department has not approved its application, according to the source report.

Sanctions Put the Sale in Play

The reported discussion matters because it places the fate of a large overseas oil business alongside negotiations over the war, rather than treating the sale as a separate commercial matter. Any transaction would involve assets owned by a company under U.S. sanctions, making the U.S. government’s decision on whether to permit a sale central to what can happen next.

The potential buyers’ reported connections to people involved in Trump’s political and diplomatic circle also create questions about conflicts of interest and oversight. Those relationships do not establish wrongdoing, and the source material does not report that the envoys or administration have acted improperly. They do, however, make transparency around any official decisions and the selection of a buyer a matter of public interest.

For Russia, Putin’s reported framing presents the sale as a possible example of continued commercial ties with the United States. For Washington, the unresolved approvals show how sanctions policy can affect both private investment and the wider relationship with Moscow. The account does not show that progress on the sale would lead to progress on a Ukraine settlement.

From Sanctions to Buyer Search

The sequence began with the Trump administration’s sanctions on Lukoil in fall 2025. The company then started looking for a buyer for foreign assets valued at about $20 billion. The sanctions and the need for U.S. authorization have constrained the process, as shown by the reported failure of the Gunvor proposal to win approval and Carlyle’s pending application.

The latest reported development is Putin’s September 5 discussion with Witkoff and Kushner, who are handling Trump administration negotiations over the Russia–Ukraine war. The NYT account says Putin personally raised the sale and proposed seeing it through. Separately, the Financial Times reported on investors interested in the assets and their connections to Trump- and Witkoff-linked families. These are reported details, not confirmation that any named investor has secured a deal.

“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

Price, Buyer and Approval Pending

It remains unclear which investor, if any, will acquire the assets, what price a buyer might pay, and whether the U.S. Treasury Department will authorize a transaction. The report gives an approximate asset valuation of $20 billion, not an agreed sale price. Carlyle’s application is still awaiting a decision, while the Gunvor proposal was not approved.

The public account also does not specify whether the sale is formally part of the U.S.–Russia negotiating framework, what conditions Washington might impose, or whether Putin’s proposal received a response from the U.S. envoys. The reported ties between possible investors and people close to Trump do not by themselves establish a conflict of interest or improper conduct; the nature and relevance of any official involvement remain unclear.

Treasury Review and Talks Continue

The immediate business milestone is a decision by the U.S. Treasury Department on Carlyle’s application or any other proposed transaction. A buyer and price will also need to be established, and the source report does not give a timetable for either development.

Separately, U.S.–Russia discussions over the war in Ukraine remain the diplomatic track in which Putin reportedly raised the issue. Further reporting or official statements may clarify whether the asset sale is being treated as a bargaining point, a commercial matter requiring sanctions authorization, or both. For now, the reported proposal has not been shown to produce a sale or a change in the negotiations.

Key Questions

What did Putin raise with the U.S. envoys?

According to The New York Times, Putin raised the proposed sale of Lukoil’s foreign assets at a September 5 meeting with Steve Witkoff and Jared Kushner, who are handling U.S. negotiations related to the war in Ukraine.

Has Lukoil’s foreign business been sold?

No sale is confirmed in the source material. The buyer, sale price and U.S. authorization remain unresolved.

Who has been reported as a potential buyer?

The Financial Times reported investor interest involving Todd Boehly, Sheikh Tahnoon and members of Qatar’s Al-Khayyat family. Carlyle has also been described as a contender, but its application has not yet received Treasury approval, according to the report.

Why does the U.S. government have a role?

The Trump administration imposed sanctions on Lukoil in fall 2025. Those sanctions affect the sale process, and U.S. authorities have not approved the earlier Gunvor proposal or Carlyle’s pending application, according to the source account.

Does the reported discussion mean the sale is linked to a Ukraine peace deal?

The NYT reports that Putin raised the sale during talks related to ending the war. The account does not confirm that a sale is a formal condition of a peace agreement or that progress on one would determine the other.

Source: rss