American billionaire and financier Todd Boehly has assembled a consortium to buy the foreign assets of Lukoil, a Russian oil company that has come under U.S. sanctions, the Financial Times reported, citing sources.
The newspaper said Boehly has secured support from the U.S. government and influential figures in the Persian Gulf with ties to Donald Trump’s family as he competes for Lukoil’s assets.
Boehly’s consortium includes the U.S. state corporation DFC, which finances projects abroad; the brother of the president of the UAE, Sheikh Tahnoon bin Zayed al-Nahyan; and the Qatari Al-Khayyat family. The latter two have worked closely with the White House and members of the Trump family on real estate and energy projects.
Boehly, who sold his stake in the Chelsea football club last week, has spent several months working on a potential deal to buy Lukoil’s assets.
Boehly is trying to outbid the company’s deal with Carlyle, an agreement the two sides agreed to earlier this year that is still awaiting approval from Washington. In February, sources who spoke to Reuters reported that U.S. authorities had slowed the sale of Lukoil’s assets to use them as leverage against Russia in negotiations to end the war in Ukraine.
According to Financial Times sources, the deal between Boehly’s consortium and Lukoil is at an advanced stage.
Lukoil came under U.S. sanctions in the fall of 2025. After that, the company began searching for a buyer for its foreign assets, worth about $20 billion.
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