Talks between the United States and Russia over efforts to end the war in Ukraine have expanded to include a proposed multibillion-dollar oil transaction involving Russian energy company Lukoil, according to a report by The New York Times cited by Reuters.
The proposed deal would cover a large portfolio of Lukoil assets, including oil fields, refineries and fuel stations in several countries. The transaction would require approval from both the US government and the Kremlin before it could proceed.
According to the report, the group pursuing the deal includes US investor and billionaire Todd Boehly, two Middle Eastern investment groups and a US government entity. Some of the Middle Eastern investors have business connections with people linked to US negotiators Steve Witkoff and Jared Kushner.
The New York Times reported that Russian President Vladimir Putin raised the proposed transaction during a September 5 meeting with Witkoff and Kushner at the Kremlin. One person familiar with the meeting said Putin presented the deal as a possible way to demonstrate that Russian and American businesses could resume commercial cooperation.
The proposed transaction comes as Washington continues discussions with Moscow over the war in Ukraine. Russian presidential envoy Kirill Dmitriev also held talks with US officials in Washington last week on the conflict and potential energy cooperation between the two countries after hostilities end.
The Lukoil transaction is not final. Reuters reported that the White House, US Treasury Department and Lukoil had not responded to requests for comment on the reported deal at the time of publication.
Lukoil has been under US sanctions since October 2025 as part of Washington’s broader measures against Russia’s energy sector. Any sale of its international assets would therefore require regulatory and sanctions-related approval from the US government.
The discussions are also taking place against the backdrop of significant pressure in global energy markets. Russia has said it will restrict diesel supplies to international markets until sanctions against Moscow are lifted, while the US and other major economies have taken steps to address shortages and rising fuel prices.
The reported oil proposal highlights how energy and economic issues are becoming part of the wider diplomatic effort surrounding the Ukraine war. However, the transaction remains subject to government approval, and there is no indication that a final agreement has been reached.
For now, the proposed Lukoil deal remains one element of broader US-Russia discussions, while negotiations over the war itself continue.