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US Billionaire Todd Boehly Targets Sanctioned Russian Oil Giant Lukoil’s Overseas Assets
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A consortium led by American billionaire Todd Boehly is preparing to acquire the international assets of Russian oil producer Lukoil, which was previously valued at $22 billion, as reported by Reuters.
The proposed transaction involves a debt-for-equity exchange using frozen Lukoil securities purchased by an investment bank from approximately 10 American and British investment funds, including Capital Group, as well as US depository banks.
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These shares were acquired at a steep discount of 30 cents on the dollar following US sanctions imposed on the Russian firm in October 2025.
The international asset portfolio includes oil fields, refineries, and gas stations located across Europe, the Middle East, and Africa. The total value of these holdings has declined as several facilities ceased operations following the introduction of Western trade restrictions.
The buying group includes Miami-based businessman Todd Boehly, who holds ownership stakes in the Los Angeles Dodgers and Los Angeles Lakers, alongside United Arab Emirates investment firms International Holding Company and Al Hail Holding, Reuters reported.
The bid is additionally backed by Syrian-Qatari brothers Al-Khayat and the US International Development Finance Corporation. Over a dozen entities previously submitted bids for the holdings, including Exxon Mobil, Chevron, Carlyle, and former Pornhub owner Bernd Bergmair.
The sale process began after Washington introduced restrictions targeting the Russian energy enterprise in October 2025. US authorities subsequently delayed the approval process to maintain leverage during diplomatic negotiations regarding Russia’s full-scale invasion of Ukraine.
Russian leader Vladimir Putin discussed the potential transaction during a meeting at the Kremlin on September 5 with US special envoys Steve Witkoff and Jared Kushner.
According to Reuters, Putin suggested completing the deal as a demonstration that cross-border business arrangements between the two countries remain feasible. Boehly had previously donated $2 million to political causes supporting US President Donald Trump, whose administration has advocated for commercial agreements with Russia.
According to the Financial Times report from October 27, 2026, the United States and Russia discussed potential postwar business arrangements as part of Washington's effort to engage Vladimir Putin in negotiations to end the war in Ukraine.
The negotiations included proposals to revive joint energy ventures off Sakhalin, bring American oil majors into Russian oil sales to Europe through the Druzhba pipeline, and facilitate the sale of Lukoil's international assets to investors linked to the White House.
Additionally, the parties explored restoring US airline access to Russian airspace, reviving titanium cooperation, and potentially placing the Zaporizhzhia Nuclear Power Plant under US management.
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