Massive oil deal linked to talks on Ukraine war

Discussions between the United States and Russia regarding the war in Ukraine now include a multi-billion-dollar oil agreement. This proposed deal involves oil fields, refineries, and gas stations across the globe that belong to the Russian energy company Lukoil. The arrangement requires formal approval from both the U.S. government and the Kremlin to move forward.

The Deal Group

The group pushing for this agreement features U.S. billionaire and investor Todd Boehly alongside two business groups from West Asia. These West Asian groups have past business ties with family members or associates of U.S. negotiators Steve Witkoff and Jared Kushner. An arm of the U.S. government is also part of the group pursuing the transaction, and the deal itself would benefit West Asian business executives linked to Mr. Witkoff and Mr. Kushner.

Kremlin Meeting

Russian President Vladimir Putin brought up the oil deal during a September 5 meeting at the Kremlin with Mr. Witkoff and Mr. Kushner. According to people familiar with the discussion, Mr. Putin suggested finishing the deal as a way to prove to Russians that they can do business with the United States. Meanwhile, the White House, the U.S. Treasury Department, and Lukoil did not respond to requests for comment outside of regular business hours.

Context

Major international peace talks often involve complex economic and commercial interests alongside political negotiations over territory and security. Large energy assets like oil fields and refineries represent billions of dollars in value, making them central to economic discussions between major world powers. However, any business transactions involving major Russian energy firms are subject to strict government oversight and international sanctions regimes.