U.S. Billionaire Leads Swap Plan to Buy Lukoil's Overseas Assets, Sources Say

A coalition spearheaded by American billionaire Todd Boehly is poised to finalize a securities swap aimed at acquiring Lukoil's overseas holdings, sources reveal. The consortium has already purchased a substantial amount of Lukoil's frozen securities from Western investment funds, intending to exchange them for the company's international assets.

This move follows over a year of negotiations and initially valued the portfolio at $22 billion, though its current value has declined due to asset underperformance. Lukoil's international assets encompass oilfields, refineries, and petrol stations across Europe, the Middle East, and Africa. The consortium's participation tests the effectiveness of Western sanctions in compelling Lukoil to divest foreign assets while preserving strategic operations and minimizing financial gains for Moscow.

The coalition comprises Boehly, Emirati investors International Holding Company (IHC) and Al Hail Holding, Syrian-Qatari Al-Khayat brothers, and the U.S. International Development Finance Corp (DFC). A cashless deal is anticipated, with Lukoil's foreign securities held by Western investors being swapped for the company's overseas assets.

The proposal follows U.S. sanctions imposed on Lukoil in October 2025, and earlier rejections of bids due to concerns about Lukoil benefiting from the sale.