Negotiations between Russia and the United States on Ukraine begin to take on another dimension – big business. One of the issues discussed was a multi-billion dollar deal with the foreign assets of the Russian Lukoil.
Briefly about the main thing
- Russia and the United States are discussing the possible sale of a large portfolio of foreign assets “Lukoil”.
- According to The New York Times, the subject of the deal Vladimir Putin personally raised September 5 at a meeting with Steve Witkoff and Jared Kushner.
- We are talking about oil fields, oil refineries and gas station networks in different countries.
- The potential buyers are a group of investors, which includes an American billionaire Todd Boeli and Middle Eastern capital.
- The deal will require approval from both the American and Russian sides and not yet concluded.
- At the same time, Putin’s representative Kirill Dmitriev is discussing in Washington future energy projects between Russia and the United States after the end of the conflict.
- For Europe, what is happening is especially noteworthy against the backdrop of further tightening EU sanctions policy against the Russian energy sector.
Content
- What kind of deal is being discussed?
- What Putin proposed
- Who can buy assets
- And what does Ukraine have to do with it?
- Parallel channel of Kirill Dmitriev
- The main obstacle is sanctions
- Why the situation is important for Europe
- What does this mean for Greece
What kind of deal is being discussed?
The New York Times reported on the new direction of Russian-American negotiations. On October 3, the main details of the publication were confirmed by Reuters.
Discussion centers on possible sale international assets of Lukoil.
This is not one refinery or field, but a large international portfolio that includes oil fields, refineries and gas station networks.
We are talking about a potential transaction worth tens of billions of dollars. Various publications have included estimates of about $20 billion or more, but there is no final price for the deal yet.
Moreover, there is no guarantee that it will take place at all.
The idea was raised by Putin at a meeting in the Kremlin
The political context of the proposal is particularly interesting.
According to The New York Times, cited by Reuters, the question of Lukoil’s assets was raised by Vladimir Putin during a meeting in the Kremlin September 5.
The meeting was attended by representatives of US President Donald Trump – Steve Witkoff and Jared Kushner.
The Russian president reportedly portrayed the potential deal as more than just a commercial transaction.
It could become a kind of proof that despite the war, sanctions and many years of deterioration in relations major Russian-American economic projects are still possible.
This fundamentally changes the context of the story.
It is no longer just about who will acquire the oil assets of the Russian concern. Economic projects are beginning to be seen as a possible part of a broader process of normalizing relations between Moscow and Washington.
Who wants to get Lukoil assets?
The composition of potential investors also attracts attention.
Among the participants in a possible deal is a group associated with an American billionaire. Todd Boeli.
Boeli is best known as an investor and co-owner of the Chelsea football club, but his investment activities are much broader than sports.
The potential deal structure also includes Middle Eastern investorswho have business ties to the Kushner and Witkoff families.
In addition, according to the American publication, the structure of the US government may play a certain role.
That is why a possible operation finds itself at the intersection of several areas at once: energy, sanctions policy, diplomacy and private American capital.
Important: No final deal has been announced between the US and Russia at this time. The White House, the US Treasury Department and Lukoil have not confirmed her conclusion. A potential commercial design is being discussed, the implementation of which will require political and regulatory approvals.
What does this have to do with the negotiations on Ukraine?
The main intrigue is that the discussion of oil assets is taking place simultaneously with Washington’s attempts to achieve progress in negotiations on Ukraine.
This does not mean that there is an oil-for-peace formula or that a commercial deal is an official condition of a peace agreement. There is no evidence of such an agreement.
However, the economic theme increasingly noticeably accompanies diplomatic contacts.
The Russian side has long voiced the idea that the end of the conflict should open the way not only to a change in political relations, but also to the return of American business to the Russian market and creating new joint projects.
Now this concept is beginning to take concrete shape.
Kirill Dmitriev discusses energy in Washington
The Lukoil story is not the only evidence of this process.
At the end of September, the special representative of the President of Russia and the head of the Russian Direct Investment Fund Kirill Dmitriev was in Washington.
According to Reuters, he met with representatives US Department of the Treasury and Department of Energy.
The talks simultaneously discussed the war in Ukraine and the prospects for future Russian-American energy cooperation.
The American official described the talks as constructive.
Thus, we can already talk about at least two parallel directions: political contacts around Ukraine and discussion of what economic relations between the United States and Russia could become after the end of the conflict.
The main obstacle is sanctions
In practice, carrying out such a transaction is much more difficult than agreeing on its commercial terms.
The Russian oil sector is subject to numerous US and European restrictions, and transactions with Russian energy assets require careful sanctions review.
Therefore, a potential purchase of Lukoil’s international assets must obtain the necessary permissions from the American authorities.
Consent will also be required from Moscow.
It is the sanctions component that turns the seemingly ordinary sale of oil assets into a political issue.
Without a change or special application of the American sanctions regime, it may be impossible to carry out such a multi-billion dollar operation.
Moscow proposes economic bridge
This design reveals a broader strategy.
For Russia, large American capital can become a unique economic bridge to restore relations with Washington.
For American investors, in turn, we are potentially talking about the opportunity to acquire large international energy assets at a time when their value and the range of possible buyers are limited by sanctions.
But the interests of the parties are far from identical.
Moscow is interested in weakening economic isolation and restoring investment ties. The US side gains potential access to assets that might be much more difficult to acquire under normal market conditions.
And all this is happening simultaneously with negotiations to end the largest armed conflict in Europe in recent decades.
Europe is moving in the opposite direction
The most interesting contrast arises with the policies of the European Union.
As Moscow and Washington discuss possible future energy projects, The EU continues to expand restrictions against the Russian energy sector.
The 21st package of EU sanctions, adopted in July 2026, again strengthened restrictions in the oil sector. Among other things, measures were expanded against infrastructure, oil traders and members of the so-called shadow fleet.
The European Commission continues to apply restrictions on maritime supplies of Russian oil and petroleum products, price ceilings and bans on a number of related services.
Thus, a potentially unusual situation arises: Washington is considering future economic engagement with Moscow as Brussels continues to build a long-term cap on Russian energy revenues.
What does this mean for Greece
For Greece, this debate has several dimensions.
Firstly, the country is a large maritime state, and Greek shipping has traditionally played a significant role in global oil transport. Therefore, changes in the Russian oil trading regime, price ceiling and sanctions rules directly affect the European shipping market.
Secondly, Greece remains part of the EU’s unified sanctions policy. If Washington starts issuing permits for major Russian-American energy deals in the future, Brussels will face the question of how closely European policy should follow a possible change in American direction.
Thirdly, the overall effect on the oil market is important for Greek consumers. Any significant change in the sanctions regime, Russian supplies and the structure of international oil assets potentially affects European fuel prices – although it would be premature to talk now about a specific decrease or increase in prices in Greece.
Finally, there is a political dimension. Athens consistently participates in the common EU and NATO policy on Ukraine. Therefore, a possible future normalization of economic relations between the United States and Russia will raise the question for Washington’s European allies of what should the sanctions policy be after the cessation of hostilities?.
For now these are negotiations, not a new Yalta
At the current stage, it is important not to get ahead of events.
Reports of a “grand US-Russia agreement” create the impression that an agreement has already been reached. In fact, something else has been confirmed: a large economic component has indeed appeared in Russian-American contacts in Ukraine.
A potential multi-billion dollar deal with Lukoil’s international assets is on the table; Putin has personally discussed this topic with Trump’s representatives, while Kirill Dmitriev is simultaneously talking in Washington about future energy projects.
But neither asset sales nor broader economic normalization are yet guaranteed.
The main thing will be the next stage: whether the idea of economic cooperation will turn into a real element of agreements to end the war or will remain one of the many proposals discussed behind closed doors.
Editorial commentary from the Athens News. The significance of this story goes far beyond the fate of Lukoil’s foreign assets. If major Russian-American energy projects do become part of the post-war normalization process, a fundamentally new question for Europe will arise: how long the EU will be able or willing to maintain the current architecture of economic restrictions if the largest transatlantic ally begins to return to commercial cooperation with Moscow. For now, this scenario remains a possibility, not a fait accompli.
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