US and Russia hold multi-billion-dollar talks on Lukoil foreign assets

Ukraine negotiations between the US and Russia have reportedly been expanded to include a multi-billion-dollar deal covering the oil sector.

According to a report by The New York Times (NYT), based on eight sources familiar with the negotiation process, the talks encompass the international assets of Russian oil giant Lukoil located outside Russia’s borders.

The draft settlement on the agenda includes the company’s petrol stations in the US, its refineries in Eastern Europe, and oilfields across various geographies. According to the report, the Washington administration proposed signing the agreement before the conflict in Ukraine ends.

Joint projects discussed in Kremlin meeting

The matter was reportedly raised during a meeting in Moscow in September between Russian President Vladimir Putin and US President Donald Trump’s special envoys, Steve Witkoff and Jared Kushner.

Aide to the Russian President Yury Ushakov confirmed that economic topics, including potential major joint projects, were discussed during the Kremlin meeting on 5 September, which lasted approximately three hours.

Following the meeting, Ushakov announced that the negotiations between the parties were timely and useful, that the leaders would maintain personal contacts, and that engagements conducted through Witkoff and Kushner would continue.

A senior US administration official speaking to the NYT noted that Witkoff and Kushner played a direct role in discussions regarding the financial terms of federal government investments under the agreement.

The Washington administration is reportedly involved in the process through the US International Development Finance Corporation (DFC). A DFC representative telling the newspaper argued that a potential agreement regarding Lukoil assets would support the Trump administration’s pledges to enhance economic security, advance foreign policy, and lower energy costs for American consumers.

It is stated that US financier Todd Boehly, as well as business figures from Qatar and the United Arab Emirates, could take part in the initiative.

Kremlin spokesman Dmitry Peskov responded with “no comment” when asked about the matter. Lukoil’s press service did not make a statement on the subject.

The US Department of the Treasury placed Lukoil and its subsidiaries on a sanctions list on 22 October 2025, on the grounds that Moscow had shown no serious intent toward the peace process.

Lukoil, meanwhile, announced its intention on 27 October to divest its overseas operations and stated that it had begun evaluating offers.

The company requested an extension of its US licence to prevent any disruption to transfer and sale negotiations conducted through Lukoil International GmbH, which houses its foreign assets.

Under a decision taken on 18 September 2026, the US Department of the Treasury extended the duration of this special licence, which permits sales discussions, until 22 October.