A consortium led by American billionaire Todd Boehly is preparing to acquire the international assets of Russian oil giant “Lukoil,” which is under U.S. sanctions. The deal is expected to be finalized within several weeks, Reuters reports, citing its sources.
The planned transaction will not be a conventional cash purchase. A bank acting on behalf of the consortium has already bought billions of dollars’ worth of frozen Lukoil securities from Western investment funds. They are to be exchanged for the Russian company’s international assets.
Assets initially valued at $22 billion
If completed, the deal will bring an end to a sales process that has lasted more than a year. The portfolio was initially valued at $22 billion, but its value has declined after some of the assets ceased operations.
Lukoil’s international portfolio includes oil fields, refineries and gas stations in Europe, the Middle East and Africa. The sale began after the United States imposed sanctions on the company in October 2025.
In February, Reuters reported that U.S. authorities had delayed the process, partly to use the sale as leverage against Russia in negotiations to end the war in Ukraine.
Who is involved in the consortium
In addition to Todd Boehly, the group includes investors from the United Arab Emirates, International Holding Company and Al Hail Holding. The bid is also backed by the Al-Hayat brothers, who are of Syrian-Qatari origin, as well as the U.S. corporation International Development Finance Corp.
Boehly is a businessman from Miami and owns stakes in the “Los Angeles Dodgers” and “Los Angeles Lakers” sports teams.
Representatives of Boehly and “Lukoil” have not commented on the planned deal. At this stage, there is no final confirmation that the agreement will be signed.
A potential acquisition would show whether Western sanctions can force a major Russian oil company to divest its international assets while retaining its strategic operations and limiting the financial benefit to Moscow.
Sources: news.bg, marketscreener.com