President Vladimir V. Putin raised a multibillion-dollar Lukoil oil deal with President Trump’s envoys Jared Kushner and Steve Witkoff during Kremlin talks on September 5. The negotiations involve a complex web of personal business interests tied to the Trump administration, including Middle Eastern groups connected to Kushner and Witkoff's family, American investor Todd Boehly, and World Liberty Financial, the cryptocurrency company co-founded by Witkoff.
The deal encompasses oil fields in Cameroon, refineries in Europe, and gas stations in New Jersey. While the Americans view the agreement as a tool to build goodwill with the Kremlin and lower global energy prices, critics see it as a striking intermingling of personal business ties with geopolitics. The pending transaction requires approval from both the U.S. government and the Kremlin.
Because of Russia's autocratic system, Putin is seen as the final decision-maker despite Lukoil's private status. The deal again brings World Liberty Financial into focus, as one Lukoil investor is a part owner. Trump has long promoted business deals with Russia as a "tremendous opportunity," using economic incentives to potentially convince Putin to compromise in Ukraine.
The administration recently signaled openness to deals with Russia even before the war ends, aiming to reset the U.S.-Moscow relationship.
Source: New York Times Top Stories · Summarized by HeadlinesBriefing