Boehly Consortium Prepares $22 Billion Lukoil Asset Swap

A consortium led by U.S. billionaire Todd Boehly is preparing to acquire sanctioned Russian oil company Lukoil’s international assets through a cashless swap of frozen Lukoil securities held by Western investors, with a deal reportedly expected within weeks. A bank working for the group has bought billions of dollars in securities, which would be exchanged for oilfields, refineries and gas stations across Europe, the Middle East and Africa. The portfolio was initially valued at about $22 billion, but its worth has fallen as some assets have ceased operating. The consortium includes Emirati investors, the Syrian-Qatari Al-Khayat brothers and the U.S. International Development Finance Corp.; the proposed transaction could test whether sanctions can force Lukoil to divest while limiting financial gains to Moscow.