US billionaire moves to acquire sanctioned Russian Lukoil's foreign assets, Reuters says

Lukoil's foreign assets up for sale

A securities swap to acquire Lukoil's foreign assets is expected to take place within weeks, four sources familiar with the sale process told the outlet.

A bank acting on behalf of the consortium has purchased billions of dollars' worth of frozen Lukoil securities from Western investment funds. The securities will be exchanged for the company's foreign assets, three sources said.

How much it will cost

The portfolio was initially valued at $22 billion. Lukoil's foreign assets include:

• Oil fields

• Refineries and gas stations in Europe, the Middle East, and Africa.

The portfolio's value has declined because some assets have ceased operations, two people said.

The deal will also test whether Western sanctions can force a major Russian company to give up its international assets.

Who buys

The consortium includes:

• Todd Boehly, a Miami-based businessman who owns stakes in the Los Angeles Dodgers and the Los Angeles Lakers

• Emirati investors International Holding Company (IHC) and Al Hail Holding.

Syrian-Qatari Al-Khayat brothers and the US International Development Finance Corporation (DFC) are also backing the bid.

Deal details

According to the sources, the plan involves a non-cash transaction in which frozen Lukoil securities held by Western investors, including Capital Group, will be exchanged for the company's international assets.

A bank acting on behalf of the consortium purchased the company's securities from about 10 US and British investment funds, as well as US depositary banks that held them for retail investors, two sources said.

The shares were valued at 30 cents on the dollar, two others said, reflecting a substantial discount due to sanctions.

How the sale process unfolded

The sale process began after the United States imposed sanctions on the company in October 2025. In February, Reuters reported that the United States had slowed the sale in part to pressure Russia in negotiations to end the war in Ukraine.

More than a dozen companies previously submitted bids to acquire Lukoil's assets, including:

• Oil giants ExxonMobil and Chevron

• US private equity group Carlyle

• Former Pornhub owner Bernd Bergmair.

Boehly has ties to Trump

The New York Times previously reported that the consortium seeking to complete the deal includes US investor Todd Boehly. The billionaire donated $2 million to political causes supporting President Donald Trump.

Three sources familiar with the meeting said Russian President Vladimir Putin raised the deal during a September 5 meeting at the Kremlin with Trump's special envoys Steve Witkoff and Jared Kushner.

One source said Putin proposed the deal to show Russians that they could do business with the United States.

In Moscow, the deal is seen as Putin's decision, even though Lukoil is technically a private company.

Trump has also been promoting the prospect of business deals with Russia since early last year. The deal has once again drawn attention to Trump's cryptocurrency company, World Liberty Financial, co-founded by Witkoff. One investor in the Lukoil deal is a co-owner of World Liberty.

RBC-Ukraine previously reported that the US Treasury Department extended the general licenses allowing transactions with Lukoil's foreign gas stations and several subsidiaries in Bulgaria until April 24, 2027.

In April 2026, US authorities also extended sanctions exemptions for Lukoil.

The previous deadline for the authorization was October 22, 2026.