Key facts
- US-Russia talks on ending the war in Ukraine reportedly include a multi-billion dollar oil deal.
- The deal involves Russian energy group Lukoil's oil fields, refineries, and gas stations.
- Middle Eastern business executives with ties to US negotiators Steve Witkoff and Jared Kushner would benefit from the deal.
- Russian President Vladimir Putin proposed the deal to show Russians they could do business with the US.
- The deal is contingent on approval from the US government and the Kremlin.
The Trump administration's discussions with Russia concerning an end to the war in Ukraine have reportedly broadened to encompass a significant oil transaction, according to The New York Times. This potential deal, which requires approval from both the US government and the Kremlin, centers on the global assets of Russian energy firm Lukoil, including its oil fields, refineries, and gas stations.
The New York Times reported on Saturday that the proposed oil deal would primarily benefit Middle Eastern business executives who have existing connections with US negotiators Steve Witkoff and Jared Kushner. The group pursuing this transaction reportedly includes US investor Todd Boehly, two Middle Eastern entities that have previously engaged in business with Kushner or Witkoff's family, and an arm of the US government.
According to individuals familiar with the matter cited by the NYT, Russian President Vladimir Putin brought up the oil deal during a meeting with Witkoff and Kushner at the Kremlin on September 5. Putin allegedly suggested that finalizing the deal would serve as a demonstration to Russians that business relations with the United States are possible.