Blood Money: What Business Deals Are Trump's Friends Discussing with Putin?

President Trump’s representatives, Steve Witkoff and Jared Kushner, have always assured everyone that they sincerely seek to end Russia’s war against Ukraine: “That is the U.S. president’s desire,” they said. The American envoys present their diplomatic efforts as a “mission of goodwill” aimed at saving lives and resolving humanitarian issues.

The White House has claimed that Steve Witkoff is practically a saint and a philanthropist, since he works for free, receives no salary, and pays for his overseas trips “out of his own pocket.”

However, the reality turned out to be somewhat different. The New York Times reported that during their meetings with Putin, Witkoff and Kushner discussed not only the war in Ukraine, but also business deals – specifically, the future of the overseas assets of Lukoil, a company subject to sanctions. Both sides took an interest in this issue, but it won’t be random individuals or major players in the energy market “such as Chevron” who stand to profit – rather, it will be those close to the American leader.

Channel 24 analyzed the “business component” of the talks between the Americans and the Russians and who wants the biggest slice of this oil “pie.”

We were assisted in this by leading experts in geopolitics:

Scott Lucas, professor of international politics at the Clinton Institute at University College Dublin;

Lord Richard Dannatt, a retired general in the British Armed Forces, former Chief of the General Staff of the United Kingdom, and a member of the House of Lords of the British Parliament.

“Philanthropists” seek profit

The New York Times has revealed what many suspected but lacked proof of. Now, however, information from reliable sources indicates that the numerous meetings between Witkoff, Kushner, and Putin were not only about ending the war in Ukraine but also about business deals planned even before the end of hostilities.

In particular, the Trump administration has been discussing with the Kremlin for several months a multibillion-dollar oil deal involving a large portfolio of oil fields, refineries, and gas stations owned by Russia’s “Lukoil”. According to journalists, it was Vladimir Putin himself who came up with the idea regarding “Lukoil.”

Witkoff and Kushner – welcome guests in Moscow / photo – Kremlin

The dictator raised this topic during a meeting with the Americans on September 5, 2026. The publication reports that Kushner or Witkoff will allegedly not personally profit from the deal. At the same time, the deal could enrich people in Trump’s inner circle. And this already looks like a bribe from the Russian leader.

As is well known, in October 2025, U.S. President Donald Trump imposed sanctions against Russia for the first time, specifically targeting its two largest oil companies, Rosneft and Lukoil.

At the same time, the U.S. Treasury Department took charge of the Lukoil case and regularly extended the deadline for the sale of the company’s assets. The American energy company Chevron Corp. and the private investment group Quantum Energy Partners expressed interest in the assets. According to Bloomberg, Lukoil values these assets at $22 billion. Other bidders include Exxon Mobil Corp., the Abu Dhabi-based conglomerate International Holding Co., Saudi Arabia’s Midad Energy, and the Carlyle Group.

And this is where things get interesting. The Trump administration sidelined the American companies Chevron and the Carlyle Group from the deal, even though this would have effectively Americanized Lukoil’s assets, which would have aligned with Trump’s “America First” policy and energy independence goals. But now the White House is pushing forward a group that includes American investor Todd Boehly, co-owner of the Los Angeles Dodgers baseball team (and, until recently, London’s Chelsea), who donated $2 million to President Trump’s political projects.

Another contender is a Qatari conglomerate controlled by Mutaz Al-Hayat and his brother Ramez Al-Hayat. Both businessmen attended Trump’s inauguration in 2025 and later helped Kushner (Trump’s son-in-law) and his wife, Ivanka Trump, to finance a multibillion-dollar project to build a hotel complex in southern Albania (the very same project that continues to spark mass protests in the country).

Sheikh Tahnoon bin Zayed al-Nahayan, a national security adviser to the UAE government and, concurrently, the owner of International Holding Co – a company vying for Lukoil’s assets – is also among the potential buyers. Sheikh Tahnoon is also a co-owner of the cryptocurrency company World Liberty Financial, co-founded by Steve Witkoff. This is the same Witkoff who is negotiating with the Russians regarding the war in Ukraine. Sheikh Tahnoon also manages the Abu Dhabi-based investment fund Lunate, founded by Jared Kushner.

The Kremlin is throwing the Americans a “bone”

Kirill Dmitriev, an advisor to Putin, has long supported the idea of business deals leading to a ceasefire in Ukraine. He realized long ago that “the Americans are falling for this bait,” so he actively promoted financial arguments during negotiations with Witkoff and Kushner. In addition, John Cole, an envoy for U.S. President Donald Trump, is also promoting such ideas. He proposed that the Kremlin release political prisoners in exchange for an easing of U.S. sanctions.

Dmitriev found a way to approach both of Trump’s emissaries / photo – Kremlin

Some officials in Trump’s inner circle believe that Russia should be reintegrated into the global economy even before the war against Ukraine ends, which would be a fatal mistake, since the current status quo cannot be “frozen” or “normalized.” The idea of business deals as “carrots” for Putin is “dead” from the start, as it deprives the U.S. itself of leverage in real negotiations to end the war – negotiations that have not yet even begun.

It is also worth noting that any large-scale business deals between the U.S. and Russia would require the lifting of sanctions against Moscow. This is precisely what Putin’s inner circle is seeking: the lifting of sanctions, the normalization of relations, and the legitimization of the current status quo with an uncertain outcome to the war.

Scott Lucas, a professor of international politics, argues that the sale of Lukoil assets to Trump’s associates creates a conflict of interest and will clearly not contribute to the U.S. president’s peace efforts.

Professor Scott Lucas argues that this is not merely a matter of unethical behavior during negotiations, but of outright political corruption, since the very same people who are discussing Ukraine’s fate in negotiations with Russia are simultaneously negotiating for their own “profit.”

Trump Plays His Last “Card”

President Trump, likely frustrated by the lack of progress in the negotiations, has decided to play his last “trump cards.” As is well known, previous rounds of discussions focused on energy truce and a mutual cessation of attacks on maritime exports.

Unfortunately, the negotiations have not brought a limited ceasefire a single step closer. On the contrary, Russia is escalating the conflict, with Putin ordering his army to disregard all rules and laws of warfare. Moreover, according to Ukrainian intelligence, Russia is preparing for massive strikes against Ukraine’s energy sector.

Vladimir Putin, for his part, is directly, brazenly, and arrogantly “spitting in the face” of President Trump and publicly refusing to agree to a ceasefire. At a session of the annual Valdai International Discussion Club, Putin stated that even if Ukraine were to halt its attacks on oil refineries, Russia would still be unable to export additional volumes of diesel to the global market due to existing sanctions.

They’ll stop the strikes, so there’ll be more diesel – which is so badly needed, say, in the U.S. We’ll have more – we already have enough diesel. But it won’t reach the global market because there are bans and sanctions in place against our oil and petroleum products. “Take this grenade, you fascist, from a Soviet soldier, you f**k,” Putin responds with profanity to Trump’s peace initiatives.

That’s how the dictator reacted to Trump’s peace initiatives. Interestingly, the U.S. is ready to lift sanctions against Russian oil – but only if the war against Ukraine ends. That’s clearly not enough for Putin. The Kremlin is eager for concessions from the U.S., but the Russians themselves aren’t ready to compromise. “Surrender Donbas, lift all sanctions, and agree to all our conditions – then we’ll talk about a fragile ceasefire,” Vladimir Putin tells us.

Putin is preparing to make an offer that cannot be refused / photo – Kremlin

Lord Richard Dannatt, a retired general of the British Armed Forces, believes that negotiations on business deals and Lukoil’s assets should only take place after hostilities have ceased. Otherwise, it will merely reward Russian aggression.

Blissful Naivety vs. Cosmic Greed

Donald Trump, on the other hand, still believes that Putin is interested in money and assets. The U.S. president would clearly do well to pay attention to how much money Russia has already “poured” into the war against Ukraine.

Estimates range from 500 to approximately 700 billion U.S. dollars. If the war against Ukraine continues, spending since February 2022 could reach one trillion dollars. Incidentally, Russia’s annual federal budget for this year is approximately 167 billion dollars.

In effect, several years’ worth of the Russian Federation’s annual budget have been “poured” into the war against Ukraine, and this money could have been used to improve the standard of living within the Russian Federation itself.

Consequently, President Trump’s inner circle – specifically Steven Witkoff and Jared Kushner – has decided to “kill two birds with one stone” and, in parallel with the negotiations on Ukraine, to negotiate the fate of Lukoil’s assets, from which they themselves could profit.

Kushner and Witkoff are on the hook / photo – Kremlin

It’s as if, during World War II, American diplomats had discussed future business projects with Adolf Hitler involving sponsors of the National Socialist German Workers’ Party. Experts’ assessments that Witkoff and Kushner are not professional diplomats are now taking on new meaning.

That said, they cannot be called idiots, as some experts do. Rather, it is a matter of greed and short-sightedness – but on a catastrophic scale. Because this is no longer just about a lack of experience and competence. It is about seeking personal gain in negotiations regarding the war in Ukraine. It is about resolving their own business interests, likely at the expense of Ukraine’s security and, potentially, throughout Europe.