Oil deal tied to Kushner and Witkoff business networks woven into US-Russia Ukraine talks

US-Russia negotiations to end the war in Ukraine have expanded beyond the battlefield to encompass a multibillion-dollar proposed sale of Lukoil's global oil assets — a deal that would benefit Middle Eastern business groups with prior commercial ties to the two Americans leading those talks, Special Envoy Steve Witkoff and Jared Kushner, according to a New York Times report.

The assets under discussion span oil extraction concessions in Cameroon and Iraq, major refining complexes in Bulgaria and Romania, and retail fuel station networks across Europe and the United States, including filling stations in New Jersey. Lukoil is Russia's second-largest oil producer.

The consortium seeking to acquire those assets includes American financier Todd Boehly — who contributed $2 million to political entities supporting President Trump — alongside two Middle Eastern investment groups that maintain prior commercial ties with either the Kushner or Witkoff families, and an entity affiliated with the US government. The negotiations have been underway for several months and were described by eight individuals familiar with the proceedings, according to the Times.

Russian President Vladimir Putin raised the prospective Lukoil transaction during a Kremlin meeting with the envoys, framing it as a way to demonstrate US-Russia business ties, according to the Times. The deal remains contingent on formal authorization from both the US government and the Kremlin.

The Times reported no indications that Kushner or Witkoff would personally profit from the agreement.

The oil deal disclosure comes as the broader peace effort showed signs of movement. Witkoff's office confirmed that US negotiators visited both Moscow and Kyiv over the weekend ahead of the Times report, with Russia and Ukraine agreeing to a three-day no-shoot policy to enable the discussions.

At President Trump's direction, United States negotiators visited both Moscow and Kyiv in order to facilitate additional dialogue to end the Russia-Ukraine War. Ahead of the trip, the Russians and Ukrainians agreed to a three-day no-shoot policy to enable these discussions to occur.— Steve Witkoff, US Special Envoy

National security advisors from the United Kingdom, Germany, and France joined the Kyiv leg of the talks. Ukrainian President Volodymyr Zelensky said the discussions covered air defense needs, technological cooperation, and a winter package, and described Ukraine's proposals as 'constructive.'

We are preparing the next meetings and communications. Ukraine's proposals are constructive, and they always will be.— Volodymyr Zelensky, President of Ukraine

Kirill Dmitriev, a special envoy for Putin, said on Tuesday that Trump and Putin had 'positively assessed' the Witkoff and Kushner visits to Moscow and Kyiv in a phone call, and that Trump stressed ending the conflict could open the way to a major restoration of US-Russia relations, according to townhall.com.

Trump told Townhall last week that he would pursue a full summit with Putin only once a peace deal was within reach. 'I wanna do it when that war is ending, and I think we will,' he said.

The intertwining of a commercial transaction with diplomatic negotiations raises conflict-of-interest questions that the Times report flags but does not resolve. The deal's structure — involving a US government financing entity alongside private investors linked to the negotiators — means the outcome of the peace process and the fate of the business deal are now difficult to separate.

Why it matters — The reported entanglement of a multibillion-dollar commercial deal — involving investors linked to the US negotiators — with diplomacy over a live war raises direct questions about whether private financial interests are shaping the terms of a potential peace settlement.

Reported by thehill.com, nytimes.com, reuters.com, kyivpost.com, townhall.com, axios.com