The former owner of Chelsea wants to transfer frozen Lukoil shares in exchange for the company's foreign assets. The corporation will have access to them if sanctions are eased. A consortium led by former Chelsea owner and American billionaire Todd Bulley is preparing a deal for Lukoil's foreign assets. They plan to replace them with frozen shares of the oil company, writes Reuters citing sources. In addition to Bolly, the deal includes the investment companies International Holdings and Al Hail Holding from the United Arab Emirates, billionaires of Syrian origin from Qatar Ramez and Mutaz Al-Hiya and the International Development Finance Corporation (DFC). The participation of buyers from the Middle East is important for the Kremlin, because Moscow sees them as representatives of friendly countries. According to the New York Times, the consortium is linked to the families of Donald Trump's special envoys, Steve Witkoff and Jared Kushner. The bank, acting on behalf of the consortium, buys frozen shares of Lukoil at a large discount of 30 cents per dollar of their value. They want to exchange these papers for foreign shares of Lukoil, but the company itself will not accept them yet. The shares will remain in a special account until the sanctions are lifted from the company. In the past, the US Treasury rejected similar proposals due to the fact that Lukoil could profit from the deal. An offer from Bolly's consortium for a special account allowed him to advance in negotiations more than his competitors. Lukoil set out to sell foreign assets after the United States imposed sanctions against the company in October 2025. In February, Reuters reporters found that Washington was slowing the sale in order to put pressure on Russia in negotiations to end the war in Ukraine. Potentially, Lukoil could still get access to its previously frozen shares if the sanctions are lifted from the company.

The former owner of Chelsea wants to transfer frozen Lukoil shares in exchange for the company's foreign assets. The corporation will have access to them if sanctions are eased. A consortium led by former Chelsea owner and American billionaire Todd Bulley is preparing a deal for Lukoil's foreign assets. They plan to replace them with frozen shares of the oil company, writes Reuters citing sources. In addition to Bolly, the deal includes the investment companies International Holdings and Al Hail Holding from the United Arab Emirates, billionaires of Syrian origin from Qatar Ramez and Mutaz Al-Hiya and the International Development Finance Corporation (DFC). The participation of buyers from the Middle East is important for the Kremlin, because Moscow sees them as representatives of friendly countries. According to the New York Times, the consortium is linked to the families of Donald Trump's special envoys, Steve Witkoff and Jared Kushner. The bank, acting on behalf of the consortium, buys frozen shares of Lukoil at a large discount of 30 cents per dollar of their value. They want to exchange these papers for foreign shares of Lukoil, but the company itself will not accept them yet. The shares will remain in a special account until the sanctions are lifted from the company. In the past, the US Treasury rejected similar proposals due to the fact that Lukoil could profit from the deal. An offer from Bolly's consortium for a special account allowed him to advance in negotiations more than his competitors. Lukoil set out to sell foreign assets after the United States imposed sanctions against the company in October 2025. In February, Reuters reporters found that Washington was slowing the sale in order to put pressure on Russia in negotiations to end the war in Ukraine. Potentially, Lukoil could still get access to its previously frozen shares if the sanctions are lifted from the company.