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Russian President 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, citing sources. The reported discussion links a roughly $20 billion asset portfolio to U.S.–Russia negotiations over the war in Ukraine, but no sale has been finalized and U.S. approval remains unresolved.
Russian President Vladimir Putin raised the sale of Lukoil’s foreign assets during September 5 talks with U.S. President Donald Trump’s envoys Steve Witkoff and Jared Kushner, The New York Times reported, citing people familiar with the discussion. The reported intervention brings a potential $20 billion business deal into U.S.–Russia discussions on ending the war in Ukraine, though the buyer, sale price and regulatory outcome remain unsettled.
According to the NYT account, Putin proposed that the deal be completed, arguing that it would show Russians and Americans can do business together. The report does not say that the two governments reached an agreement over the assets, or that the sale forms part of a wider settlement on Ukraine. It describes the asset question as one raised during talks handled by Trump’s special envoys.
The Financial Times has reported that potential investors include Todd Boehly, a former co-owner of Chelsea Football Club; Sheikh Tahnoon, the brother of the United Arab Emirates’ president; and members of the Qatari Al-Khayyat family. Those names are reported as part of a group seeking to buy the assets; the available reports do not establish that they have secured a deal or received U.S. authorization.
The proposed sale follows U.S. sanctions imposed on Lukoil in the fall of 2025. The company then sought buyers for overseas holdings valued at about $20 billion, but the final sale value is not known. Earlier efforts have encountered regulatory obstacles: U.S. authorities rejected a bid by Russia-linked trading company Gunvor, while the Treasury Department had not approved an application from private equity firm Carlyle, according to the report.
A Sanctions Sale in Peace Talks
The episode matters because Lukoil’s overseas holdings are not only a commercial portfolio: their sale is subject to U.S. sanctions and approval. Bringing the matter into high-level discussions could make the outcome relevant to the broader political relationship between Washington and Moscow, even as there is no reported agreement tying the transaction to a peace deal.
The identities and connections of reported prospective investors also raise questions about conflicts of interest. The NYT reported that Boehly donated $2 million to Trump political projects; the Al-Khayyat brothers are developing a resort in Albania with Kushner and Ivanka Trump; and Sheikh Tahnoon has invested in projects involving Kushner, Witkoff and Trump’s sons. These connections do not establish improper conduct, but they make transparency around the bidding process and official decisions a matter of public interest.
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Sanctions and Earlier Bids
After the Trump administration sanctioned Lukoil in fall 2025, the company began seeking a buyer for its foreign assets. The reported valuation of about $20 billion describes the holdings’ approximate worth, not a confirmed sale price. It remains unclear what portion of that value a buyer might ultimately pay.
Gunvor was the first reported bidder. U.S. authorities called the company a “puppet” of the Kremlin and refused to approve its proposed purchase. Carlyle later emerged as another contender, but the Treasury Department had not approved its application at the time covered by the report. These earlier attempts show why any transaction depends on U.S. regulatory decisions as well as negotiations among investors and Lukoil.
“Putin proposed seeing the deal through to completion, saying it would confirm that Russians and Americans can do business together.”
— Vladimir Putin, as described by a source cited by The New York Times
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Buyers, Price and Approval
No final sale has been reported, and the available account does not identify a confirmed winning bidder or final price. It also remains unclear whether Putin’s proposal was discussed as a standalone business matter or connected to any specific terms in Ukraine negotiations. The reporting does not establish that U.S. officials agreed to change sanctions or expedite an asset sale.
The potential investors’ reported ties to Trump, Kushner and Witkoff also do not, by themselves, prove a conflict of interest or misconduct. The source material does not describe what safeguards, if any, apply to the envoys’ involvement, or how the Treasury Department will evaluate competing applications. The status of Carlyle’s application and any other bids may have changed since the reports were published.
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Treasury Review and Talks
The next concrete step for any prospective buyer is a decision from U.S. authorities on the relevant application and sanctions requirements. The reports provide no timetable for a Treasury Department ruling, and the reported investors have not been confirmed as purchasers. Further reporting may clarify which bidders remain active, the proposed terms and the price under consideration.
Separately, U.S.–Russia discussions over the war in Ukraine may continue to include the asset issue, but it is not yet clear whether it will become part of a formal agreement. Until officials or the parties announce a decision, the reported September 5 discussion should be treated as a reported proposal—not a completed transaction or a settled element of peace negotiations.
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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 in a September 5 meeting with Steve Witkoff and Jared Kushner, and proposed completing the deal.
Has Lukoil sold its foreign assets?
No completed sale is reported. The company has sought a buyer since U.S. sanctions were imposed in fall 2025, but the final buyer and sale price remain unknown.
Who is reported to be interested in the assets?
The Financial Times reported that a group of investors includes Todd Boehly, Sheikh Tahnoon and members of the Al-Khayyat family. Their reported interest does not mean they have secured the assets or obtained U.S. approval.
Why does U.S. approval matter?
The proposed sale concerns assets of a company under U.S. sanctions. Earlier bids by Gunvor and Carlyle faced U.S. regulatory barriers, so any transaction must address the applicable approval process.
Is the asset sale part of a Ukraine peace agreement?
The NYT reported that the sale became a subject of U.S.–Russia talks on ending the war. The report does not establish that the parties agreed to include it in a formal peace deal or settled its terms.
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