Diplomatic contacts between the United States and Russia over the war in Ukraine have reportedly broadened to include a potential multibillion-dollar energy transaction involving assets owned by Russian oil company Lukoil.
Reuters, citing a New York Times report, said the proposal involves oil fields, refineries and retail assets outside Russia and would require approvals from both Washington and Moscow.
Commercial talks intersect with diplomacy
The reported discussions involve U.S. investor Steve Witkoff and Jared Kushner, according to the report, along with private investors interested in Lukoil’s international portfolio.
The proposal was reportedly raised by Russian President Vladimir Putin during a September meeting with U.S. representatives. Supporters of the idea are said to view a commercial transaction as a possible signal that economic relations could eventually normalize.
No deal has been finalized
Neither the White House nor Lukoil announced a completed transaction. The proposal therefore remains at a preliminary stage and could still face sanctions, regulatory and political obstacles.
Any deal involving Russian energy assets would be closely watched because sanctions policy remains tied to the war in Ukraine and broader U.S.-Russia relations.
Sources: Reuters, Oct. 3, 2026; New York Times reporting cited by Reuters.
