Economist Steve Hanke criticized Jared Kushner’s involvement in U.S.-Russia diplomacy following reports of a multibillion-dollar deal involving Russian oil producer Lukoil. Hanke, a Johns Hopkins University applied economics professor, stated on X that Kushner has "more conflicts of interest than you can shake a stick at."

The criticism follows a New York Times report that negotiations to end the Ukraine war expanded to include a transaction covering Lukoil oil fields, refineries, and gas stations worldwide. The proposed deal requires approval from both the U.S. government and the Kremlin.

Deal structure and participants

The investor group reportedly includes billionaire Todd Boehly, two Middle Eastern groups with prior business ties to Kushner or envoy Steve Witkoff’s family, and a U.S. government arm. The New York Times noted that Russian President Vladimir Putin raised the deal during a September 5 Kremlin meeting with Kushner and Witkoff.

Diplomatic context

Putin reportedly presented the Lukoil transaction as a means to demonstrate to Russians that business with the United States remained possible. The commercial discussions occurred alongside a broader U.S. peace push. Envoy Steve Witkoff later stated that American negotiators had made "substantive progress" after shuttling between Moscow and Kyiv, with movement toward additional trilateral talks.

Kremlin spokesperson Dmitry Peskov declined to comment directly on the specific Lukoil report but acknowledged that Russian and U.S. negotiators had discussed energy cooperation. The White House and Treasury Department did not immediately respond to requests for comment.

Conflict of interest concerns

Hanke’s commentary highlights the tension between diplomatic roles and private financial interests. "When he plays diplomat, it’s even hard to tell what country he represents, if any," Hanke wrote. Kushner has repeatedly joined Witkoff in President Donald Trump’s effort to broker an end to the war, including contacts with Ukrainian officials following the Moscow meeting.

The US Treasury Department has announced an extension of its license that permits select sale-related transactions involving Lukoil, the Russian oil company. The extension provides additional time for specific business operations to continue under the current regulatory framework.

License Extension Details

The Treasury Department's decision extends the existing license until May 1, allowing for the continuation of select Lukoil sale-related transactions. This extension provides market participants with additional time to complete ongoing business operations that fall under the scope of the license.

Regulatory Framework

The license extension represents part of the broader regulatory approach governing transactions involving Russian energy companies. The Treasury Department's announcement provides clarity on the timeline for permitted activities, ensuring market participants can plan their operations accordingly within the established regulatory parameters.