A consortium led by American billionaire Todd Boehly is preparing a deal to acquire foreign assets of the Russian oil company Lukoil through an exchange of frozen securities. To implement this scheme, investors have already bought shares of the Russian company worth billions of dollars at a significant discount. The parties expect to conclude an agreement in the coming weeks.
This was reported on November 3 by Reuters, citing four sources familiar with the sale process.
According to the agency, a bank acting on behalf of the consortium purchased frozen Lukoil securities from Western investment funds at a price of about 30 cents per dollar of their face value. Thus, the buyers obtained the papers at a discount of about 70%.
The sellers were about ten investment funds from the US and the UK, as well as American depositary banks that held securities on behalf of private investors.
Western funds owned significant stakes in Lukoil before the start of Russia's full-scale invasion of Ukraine in 2022. After sanctions were imposed, Russian securities were excluded from major emerging market indices, and investment companies were forced to freeze the assets and significantly reduce their book value.
The purchased securities are now planned to be used to exchange for Lukoil's foreign business without a direct cash settlement. Among the owners of frozen assets participating in the proposed operation, Reuters names the American investment company Capital Group.
However, the new scheme includes an important restriction: the shares will not be directly transferred to the Russian oil company. Instead, they are planned to be placed in a special escrow account, known as an escrow account.
Such a mechanism should allow the deal to be carried out in compliance with US sanctions, without providing Lukoil immediate access to funds or securities.
In December 2025, the US Treasury Department already rejected another proposal to purchase the international assets of the Russian company. That deal involved the American investment bank Xtellus Partners.
American authorities then opposed a scheme that would have allowed Lukoil to receive substantial financial benefit from the sale of assets.
According to Reuters sources, it was the commitment to place the securities in escrow that allowed Boehly's consortium to advance in the negotiations.
Initially, the value of Lukoil's foreign business was estimated at about $22 billion. However, over the past year the value of the portfolio has decreased, as operations of some enterprises have been halted or restricted.
The international business of the Russian company includes oil fields, refineries, and networks of gas stations in Europe, the Middle East, and Africa.
In addition to Todd Boehly, the consortium includes investors from the United Arab Emirates — International Holding Company (IHC) and Al Hail Holding. Syrian-Qatari entrepreneurs, the Al-Khayat brothers, and the American International Development Finance Corporation (DFC) are also taking part in the project.
Boehly is known as a major investor in sports and entertainment assets. In particular, he owns stakes in the American sports teams Los Angeles Dodgers and Los Angeles Lakers.
The sale of Lukoil's foreign business began after US sanctions were imposed on the company in October 2025. Washington used restrictions against the Russian oil sector as one of the tools of economic pressure on Moscow over the war against Ukraine.
According to Reuters, in February 2026 the American administration slowed down the sale process, including to strengthen US negotiating positions on ending the war.
More than ten potential buyers initially competed for Lukoil's international assets. Among them were American oil corporations Exxon Mobil and Chevron, as well as the investment company Carlyle.
In October, Carlyle withdrew from the negotiations, after which Boehly's consortium became the leading bidder for the assets.
Earlier, "Kurs Ukrainy" reported on the formation of a consortium with the participation of a US government financial corporation and investors from the Persian Gulf. At that time, the negotiations were at an advanced stage, but a final agreement had not yet been reached.
New information from Reuters indicates that the potential buyers are moving to practical preparation of the deal, including the acquisition of frozen securities.
However, there is still no official agreement on the sale of Lukoil's foreign assets. To complete the operation, approval will be required from American regulators overseeing sanctions compliance.
Representatives of Boehly, Lukoil, and the US Treasury Department did not respond to Reuters requests for comment. International Holding Company said it does not comment on potential investment operations.
