US and Russia negotiating oil deal worth billions

The deal is part of ongoing negotiations between the two countries to end the Ukraine war which has dragged on for more than four years since Russia’s invasion in 2022.

The deal, requiring approval from both the U.S. government and the Kremlin, covers the Russian oil giant Lukoil’s global portfolio of oil fields, refineries and petrol stations;

Moreover, the deal advances the interests of Middle Eastern business executives linked to President Donald Trump’s two main negotiators, Steve Witkoff and Jared Kushner.

Deal closers include the aforementioned business executives, along with investor Todd Boehly, who notably made a $2 million donation to President Trump’s political causes.

The proposed deal goes to highlight the shared links at the crossroads of personal business interests and geopolitics.

The deal was first brought up by Putin in his meeting with Kushner and Witkoff in Moscow on Sep 5, according to three people familiar with the meeting; Putin proposed the deal to show Russians that they can make deals with the U.S., the sources said.

The Americans, on their part, had similar views, seeing it as an opportunity to build good relations with the Kremlin and at the same time bringing down global energy prices, which have been hitting the U.S. hard.

Besides the two countries, the deal is also set to be lucrative for the buyers as the deal lifts American sanctions from the assets, instantly boosting their value.

The move is inline with Trump’s desire to seal business deals with Russia since early last year, describing it as a “tremendous opportunity” to end the war plaguing Europe for half a decade.