The WatchlistWatch 12
This is a Watchlist entry. It is a developing story reported by credible outlets that hasn't reached a court ruling, official finding or documented harm yet. It says what to watch for. If that happens, it moves to The Record.
Ukraine talks expand to a Lukoil oil deal with investors tied to Witkoff and Kushner
Developing means: Reported by credible outlets, but no ruling, official finding or documented harm yet.
The New York Times reported on Oct. 3 that U.S. talks with Russia on ending the war in Ukraine now include a multibillion-dollar sale of Lukoil's international oil assets, sought by a group that includes investors who have done business with envoy Steve Witkoff's family or with Jared Kushner, along with an arm of the U.S. government.
What happened
According to the Times, which described the talks from eight people familiar with them, Vladimir Putin raised the deal when Witkoff and Kushner met him at the Kremlin on Sept. 5, proposing it as a way to show Russians they could do business with the United States. The assets, which include oil fields, refineries and gas stations around the world, have been for sale since the U.S. sanctioned Lukoil in October 2025. Lukoil agreed in January 2026 to sell them to the private equity firm Carlyle, but that agreement was not exclusive and needs approval from the Treasury's Office of Foreign Assets Control. On Sept. 22 the Financial Times reported that billionaire Todd Boehly had secured backing for a rival bid from the U.S. government and from Gulf investors with ties to the Trump family, with the U.S. International Development Finance Corporation expected to take a stake of about 15%; Reuters said it could not immediately verify that report. The Times named the other main investors as a Qatari conglomerate controlled by Moutaz and Ramez Al-Khayyat, who it reported have partnered with Kushner and Ivanka Trump to help finance a luxury resort in Albania, and an Abu Dhabi fund controlled by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE's top national security adviser, who controls another fund that bought a large stake in World Liberty Financial, the Trump family's crypto company, which Witkoff co-founded. The Times also reported that Boehly has given $2 million to Trump's political causes, that U.S. approval would release the assets from sanctions and immediately raise their value, and that people involved say the key decisions are being made at the White House; a Treasury spokesperson told the paper that its sanctions office carries out foreign policy as the White House sets it. The Times said it found no evidence that Witkoff or Kushner would profit personally. Days earlier, on Oct. 1, CNN reported that Kushner's private equity firm, Affinity Partners, is the largest shareholder in Phoenix Financial, an Israeli financial group that invests in companies supplying Israel's military, while he negotiates on Gaza; CNN said it found no indication that his diplomacy directly affected those investments, and Kushner called the story deeply misleading and said he has no role in deciding what Phoenix buys or sells. Hui Chen, a former Justice Department prosecutor and ethics adviser, told the Times that the envoys' ties to players in the deal raise the question of whether personal interests could wrongly sway how the administration weighs the bidders.
What to watch for
Whether the Treasury approves a sale to the Boehly group and lifts sanctions on the assets, what stake the Development Finance Corporation takes, and whether Congress, an inspector general or prosecutors examine the envoys' role. If the assets go to another buyer or the bid is dropped, this comes off the list.
The administration's side
A senior administration official said Witkoff and Kushner helped negotiate the terms of the government's stake so that it includes a substantial upfront payment and a share of the profits for the United States. A Development Finance Corporation official said the deal would serve U.S. economic security and foreign policy and bring down energy prices for Americans. Witkoff's spokeswoman says he is unpaid, covers his own travel, and "has no conflict of interest, and no financial stake in this matter." Witkoff and Kushner argue that restoring economic ties with the West could persuade Putin to compromise on Ukraine.
Sources
Permanent link: https://unredactedrecord.com/e/w-lukoil/