A consortium led by US billionaire Todd Boehly is preparing to acquire sanctioned Russian oil producer Lukoil's international assets through a securities swap, with a deal expected within weeks, Report informs, citing Reuters.
A bank acting for the consortium has bought billions of dollars of frozen Lukoil securities from Western investors to exchange for the company's foreign assets, sources familiar with the process said.
The portfolio, initially valued at $22 billion, includes oilfields, refineries and gas stations across Europe, the Middle East and Africa. Its value has declined as some operations have halted, according to two sources.
The consortium includes Emirati investors International Holding Company and Al Hail Holding, with backing from the Syrian-Qatari Al-Khayat brothers and the US International Development Finance Corp.
The proposed cashless transaction would place the securities in an escrow account rather than transfer them directly to Lukoil. That arrangement allowed the bid to advance after the US Treasury rejected an earlier proposal over concerns that the Russian company could receive a windfall, two sources said.
The sale process began after Washington imposed sanctions on Lukoil in October 2025. Private equity firm Carlyle withdrew last month, leaving the Boehly-led consortium as the leading bidder.
The securities were purchased from around 10 US and British investment funds and US depositary banks. Sources said they were priced at about 30 cents on the dollar, reflecting their frozen status under sanctions.