U.S. peace negotiations with Russia could now involve multi-billion dollar Lukoil deal, NYT reports

Key Points:

• The Trump administration's peace talks with Russia now include negotiations over a multi-billion dollar deal involving assets owned by Russian oil company Lukoil, as reported by the New York Times.
• Business executives linked to U.S. envoys Jared Kushner and Steve Witkoff are pursuing a deal involving Lukoil's refineries, oil fields, and gas stations globally, requiring approval from both the U.S. government and the Kremlin.
• Russian President Vladimir Putin proposed the deal during Kushner and Witkoff's Moscow visit as a gesture to show Russians they could still engage in business with the U.S., with the envoys agreeing to explore the proposal to build goodwill.
• Lukoil, Russia's second-largest oil producer, has been under U.S. sanctions since 2025, but a potential agreement could lift some sanctions on its assets, possibly lowering global oil prices and increasing the assets' value.
• In January, Lukoil agreed to sell most of its foreign assets to American firm Carlyle, pending U.S. government approval, after Swiss trader Gunvor withdrew its bid following U.S. Treasury criticism.