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A reported Lukoil proposal adds a commercial strand to Ukraine peace talks, but permission to negotiate is not approval for a sale.
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US discussions with Russia about ending the war in Ukraine have included a proposed multibillion-dollar deal involving Lukoil’s overseas assets, The New York Times reported on Saturday, as relayed by Reuters. The proposed transaction would need approval from Washington and the Kremlin. US sanctions rules allow negotiations over certain Lukoil assets, but a sale would require separate authorisation. [2] [9]
The Times said President Vladimir Putin raised the proposal with US envoys Steve Witkoff and Jared Kushner at a Kremlin meeting on 5 September. The meeting took place, and Putin’s adviser Yuri Ushakov said afterwards that economic issues and potentially large joint projects had been discussed. No breakthrough was announced. [2] [6]
Citing the Times, Reuters said a group pursuing the deal included investor Todd Boehly, two Middle Eastern groups with past business ties to Kushner or Witkoff’s family, and an arm of the US government. Lukoil had already announced a separate, non-exclusive agreement in January to sell its Lukoil International subsidiary to Carlyle, subject to regulatory approvals. That agreement excluded assets in Kazakhstan. [2] [4]
The US Treasury’s current licence permits negotiations and conditional contracts through 22 October, not the transfer of assets. In considering any sale, it says it expects funds owed to Lukoil to be blocked until sanctions are lifted, rather than providing an upfront windfall. Reuters reported in February that Washington had slowed the sale process to put pressure on Russia in peace talks; another source told Reuters the sale could still conclude independently of a peace deal. [9] [3] [5]
9 listed sources · explore evidence, limitations and provenance.
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