--- title: "U.S.-Russia talks now include a proposed sale of Lukoil's overseas oil assets" url: "https://etf.net/news/u-s-russia-talks-now-include-a-proposed-sale-of-lukoil-s-overseas-oil-assets-2026-10-03" published_at: "2026-10-03T12:05:26.112Z" updated_at: "2026-10-03T12:05:26.112Z" byline: "ETF.net Research" --- # U.S.-Russia talks now include a proposed sale of Lukoil's overseas oil assets The New York Times reported on Saturday, October 3, that a proposed sale of Lukoil assets the company valued at $20 billion is now part of U.S.-Russia talks on the war in Ukraine. By ETF.net Research. Published Oct 3, 2026. The New York Times reported on Saturday that talks between the United States and Russia on ending the war in Ukraine now include a proposed sale of Lukoil's oil fields, refineries and gas stations outside Russia. Lukoil, Russia's biggest private oil company, valued those assets at **$20 billion** earlier this year. The price of this proposal, and how it would be structured, are still unclear. U.S. approval would release the assets from American sanctions and increase their value, the Times reported. In February, people familiar with the discussions said the United States had slowed the sale to pressure Russia in the peace talks. On Saturday, September 5, President Vladimir Putin raised it at the Kremlin with Steve Witkoff and Jared Kushner, the envoys President Trump sent to the talks. One person familiar with the meeting said Putin proposed completing a deal that would show Russians they could do business with the United States. The envoys agreed to work on it, the Times reported, because a sale might ease relations and lower energy prices. The assets include oil fields in Cameroon, refineries in the Netherlands, Bulgaria and Romania, and gas stations, some of them in New Jersey. Those refineries make diesel and jet fuel. S&P Global puts their combined capacity at 400,000 barrels a day. The Times said those fuels have been in short supply since the Iran war began. On Friday, the leaders of the Group of Seven agreed to release 100 million barrels from reserves over four months, including a substantial diesel release in the first 20 days. ## Who would buy The leading group brings together American investor Todd Boehly, two Middle Eastern groups, and the U.S. International Development Finance Corporation, the agency that finances projects abroad. If Washington approves that group, the buyers would hold assets freed from American sanctions. Boehly has given $2 million to President Trump's political causes. The Middle Eastern investors are brothers Moutaz and Ramez Al-Khayyat, who partnered with Kushner and Ivanka Trump on a planned resort in Albania, and International Holding Company, an Abu Dhabi group overseen by Sheikh Tahnoon bin Zayed Al Nahyan. Other funds Tahnoon oversees have put money into Kushner's firm and into a business partly run by Witkoff's son. The Times found no direct financial stake for the Trump family or the president's advisers in the proposal. Business partners could still benefit if a sale closes. Witkoff's spokeswoman said he has "no conflict of interest and no financial stake in this matter." A DFC official said the deal could strengthen U.S. economic security, support foreign policy goals, lower energy prices and keep strategic assets away from adversaries. The White House, the Treasury and Lukoil did not respond to requests for comment. ## The Carlyle agreement On Thursday, January 29, 2026, Lukoil said it had agreed to sell the international unit to Carlyle, the American investment firm. Assets in Kazakhstan were left out. Lukoil said the agreement was not exclusive, that it still needed Treasury permission, and that talks with other buyers were going on. Approving the Boehly group would mean rejecting Carlyle, the Times reported. It contrasted the foreign ownership in that group with Carlyle's plan for American owners only. The DFC would be taking a stake in assets whose sale the Treasury has to approve. ## What Treasury still requires Treasury sanctioned Lukoil on Wednesday, October 22, 2025, to raise pressure on Russia's energy sector and reduce the money Russia can raise for the war. Any sale still needs a separate approval from the Treasury, and from the Russian government. Treasury expects a sale it allows to cut the overseas business off from Lukoil completely, and to keep money owed to Lukoil in an account under U.S. control until sanctions are lifted. It also expects the sale to give Lukoil no value at the start, including by swapping assets or shares. A senior administration official said Witkoff and Kushner helped negotiate the government's possible investment, for "a substantial upfront payment and profits interest for the United States," a share of future profits. Treasury says the sanctions exist to push Moscow to end the war, and that it will judge any proposal by U.S. security and foreign policy. Moscow is now the one asking for this sale, and Treasury's permission to keep negotiating runs out on Thursday, October 22, 2026. Source: etf.net, https://etf.net/news/u-s-russia-talks-now-include-a-proposed-sale-of-lukoil-s-overseas-oil-assets-2026-10-03. Please cite the page URL.