Carlyle-Lukoil deal raises Ukraine security concerns over Putin ally ties

The author of the Resurgam Telegram channel discussed the issue.

The agreement, awaiting final approval from the U.S. Treasury Department, would see Carlyle acquire most of Lukoil's international holdings outside Kazakhstan. What concerns analysts is the personal history connecting Carlyle's leadership to Kirill Dmitriev, head of Russia's sovereign wealth fund and a close Putin associate who serves as the Kremlin's point person for U.S. negotiations.

Both Carlyle CEO Harvey Schwartz and the company's commodities strategist Jeff Currie previously worked at Goldman Sachs alongside Dmitriev in the late 1990s. Dmitriev spent three years at the investment bank from 1996 to 1999, overlapping with Schwartz, who rose to managing director during that period, and Currie, who joined the same year as Dmitriev and led the firm's commodities analysis division.

The connection has raised eyebrows given that Carlyle beat out major competitors including ExxonMobil, Chevron, and UAE-based IHC for the deal. Goldman Sachs itself has maintained unusually close ties to Moscow, being among the few Western firms to continue operations favorable to the Kremlin even after sanctions were imposed.

Lukoil's statement about the transaction includes vague language about "preliminary conditions" beyond standard regulatory approval, while Kremlin spokesman Dmitry Peskov cryptically referenced "corporate arrangements" he declined to detail, saying only that "the interests of the Moscow company must be fulfilled and secured."

The timing is particularly sensitive for Ukraine, as experts warn the sale could provide Russia with a channel to advance political objectives under the guise of a commercial transaction. With Carlyle's known connections to the incoming Trump administration, there are concerns the deal may involve informal commitments to lobby for Kremlin interests in exchange for access to valuable energy assets.

The Treasury Department has not yet indicated when it will rule on the proposed acquisition.