U.S.-Russia Talks on Ukraine Involve Multi-Billion Dollar Oil Deal, NYT Reports

By Reuters Oct. 3, 2026 Russian President Vladimir Putin raised the deal during a Sept. 5 meeting with Witkoff and Kushner at the Kremlin, the NYT said citing people familiar with the meeting. Mikhail Metzel/Russian President/TASS The Trump administration’s talks with Russia on ending the war in Ukraine have expanded to include a multibillion-dollar oil deal that would benefit Middle Eastern business executives with ties to U.S. negotiators Steve Witkoff and Jared Kushner, the New York Times reported on Saturday. The deal, which is contingent on approval from the U.S. government and the Kremlin, involves a sprawling set of oil fields, refineries and gas stations around the world owned by Russian energy group Lukoil, according to the report. The White House, the U.S. Treasury Department and Lukoil didn't respond to requests for comment outside regular business hours. The group pursuing the deal includes U.S. investor and billionaire Todd Boehly, two Middle Eastern groups that have done business with Kushner or Witkoff's family, and an arm of the U.S. government, the newspaper said. Russian President Vladimir Putin raised the deal during a Sept. 5 meeting with Witkoff and Kushner at the Kremlin, the NYT said citing people familiar with the meeting. Putin proposed completing the deal as a way to show Russians they could do business with the United States, one of the people said. Read more about: Peace Talks , Lukoil , Oil , Putin Sign up for our free weekly newsletter Our weekly newsletter contains a hand-picked selection of news, features, analysis and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview Subscribers agree to the Privacy Policy We sent a confirmation to your email. Please confirm your subscription. A Message from The Moscow Times: Dear readers, We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent." These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia. We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help. Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact. By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us. Once Monthly Annual Continue Not ready to support today? Remind me later. × Remind me next month Remind me Thank you! Your reminder is set. We will send you one reminder email a month from now. For details on the personal data we collect and how it is used, please see our Privacy Policy. Read more Russian Oil Revenues Slide to 2.5-Year Low as Sanctions Drive Asian Buyers Away The International Energy Agency warned that sanctions on Rosneft and Lukoil “may have the most far-reaching impact yet on global oil markets.” 2 Min read Putin Warns of 'Grave Consequences' to Oil Price Caps Russian President Vladimir Putin warned that Western plans to introduce oil price caps could have "grave consequences" for energy markets, during a telephone... Doing the Boss a Favor: Lukoil May Help Privatize Rosneft On Oct. 31, at the opening ceremony for the Filanovsky oil field in the Astrakhan region, President Vladimir Putin invited Vagit Alekperov, director of... opinion Vladimir Milov Privatization by the State: The Strange Case of Bashneft Structurally, the “privatization” of one state company by another would only strengthen state domination in the industry, the exact opposite of what...