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The Trump administration's talks with Russia on ending the Ukraine war now include a multibillion-dollar Lukoil oil deal that would benefit Middle Eastern executives tied to US negotiators Steve Witkoff and Jared Kushner.
The Trump administration's talks with Russia about ending the war in Ukraine have expanded to include a multibillion-dollar oil deal that would benefit Middle Eastern business executives with ties to the two main US negotiators, Steve Witkoff and Jared Kushner.
Lukoil Deal Draws Connected Buyers
The deal, contingent on approval from the US government and the Kremlin, covers a sprawling set of oil fields, refineries and petrol stations around the world owned by Lukoil, one of Russia's biggest energy companies. The leading group seeking the deal includes US investor Todd Boehly, who has donated $US2 million ($2.9 million) to US President Donald Trump's political causes, two Middle Eastern groups that have done business with Kushner or Witkoff's family, and an arm of the US government.
The months-long negotiations were described by eight people familiar with them, who spoke on condition of anonymity because of the sensitivity of the talks. They shed new light on Trump's latest approach to settling a four-year war that has killed hundreds of thousands. There is no indication that Kushner or Witkoff themselves stand to profit from the deal.
But the pending deal represents a striking intermingling of personal business ties with geopolitics, even for an administration that has regularly dismissed concerns about potential conflicts of interest. Russian President Vladimir Putin brought up the deal when he met with Witkoff and Kushner at the Kremlin on September 5, according to three people familiar with the meeting.
Putin proposed it get done as a way of showing Russians that they can do business with the US, according to one of the people. The Americans responded that they would work on it, the person said, seeing it as a way to build goodwill with the Kremlin while also lowering global energy prices.
But the deal is also a lucrative one for the buyers: US approval for the sale would release the assets from US sanctions, instantly increasing their value. In Moscow, the decision on the deal is widely seen as Putin's to make, though Lukoil is technically a private company. The upshot is that the giant transaction, involving assets as varied as oil fields in Cameroon, refineries in Europe and petrol stations in New Jersey, comes down to Putin and Trump.
Trump Links Russia Business to Ukraine
Trump has been promoting the promise of business deals with Russia since early last year, describing the country as a tremendous opportunity. The deal again brings Trump's World Liberty Financial cryptocurrency company, co-founded by Witkoff, into focus. One of the investors in the Lukoil deal is a part owner of World Liberty. Witkoff and Kushner have travelled repeatedly to Russia for meetings with Putin.
They have argued that the potential to rebuild economic ties with the West could persuade the Russian president to compromise in Ukraine. The administration has recently signalled it is open to deals with Russia even before the war ends, as a way of showing it is serious about resetting the US relationship with Moscow. The Lukoil sale, people familiar with the matter say, is one of those deals.
In a statement, a senior administration official confirmed that Witkoff and Kushner had played a direct role in helping negotiate the financial terms of the investment by the federal government in the deal. The official said the terms were negotiated to ensure the deal included a substantial upfront payment and profits interest for the United States.
A spokesperson for Witkoff said he takes no salary and travels the world on his own plane, at his own expense, working on behalf of President Trump to negotiate peace and bring hostages home to their families. She said Witkoff has no conflict of interest and no financial stake in this matter.
Energy Giants Join Asset Sale
Numerous potential bidders expressed interest in at least part of Lukoil's international holdings when the assets went on the market last northern autumn, including US energy giants such as Chevron. Washington private equity firm Carlyle reached a tentative agreement in January to buy a large share of the assets. Carlyle made the pitch that bringing Lukoil's international portfolio under US ownership would further the Trump administration's goal of energy dominance.
But in recent months, as US approval for Carlyle's bid stalled, a different group emerged as the leading bidder. That group is led by Boehly, a billionaire supporter of Trump, alongside well-connected figures in the Middle East and the US government. Boehly is a co-owner of the Los Angeles Dodgers and donated $US1 million to MAGA Inc, the Trump-aligned political committee, in December 2025. He gave another $US1 million through his investment firm, Eldridge Industries, to Trump's inauguration.
Jared Kushner and Ivanka Trump have a partnership with brothers Moutaz and Ramez Al-Khayyat to help finance a multibillion-dollar luxury hotel resort project in southern Albania. The US government is taking a stake in the deal through the US International Development Finance Corp, an agency that invests in and lends to projects overseas.
US Stake and Gulf Investors
A DFC official said in a statement that the potential Lukoil deal would advance the Trump administration's commitment to strengthen US economic security, advance US foreign policy and lower energy prices for everyday Americans. A major equity holder would be the Qatar-based conglomerate controlled by Moutaz Al-Khayyat and his brother Ramez Al-Khayyat.
Both attended Trump's inauguration in 2025 and have since formed a partnership with Kushner and his wife, Ivanka Trump, one of Trump's daughters, to help finance the Albania resort project. Another major stakeholder would be an Abu Dhabi-based investment fund.
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theage:US-Russia talks on Ukraine now involve an oil deal tied to Trump allies 
smh:US-Russia talks on Ukraine now involve an oil deal tied to Trump alliesThis story was compiled and edited by the HeadTopics newsroom and HT AI from the reports above.
US-Russia Ukraine Talks Steve Witkoff Jared Kushner Trump Administration US-Russia Talks Ukraine War
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