London / Los Angeles – Billionaire investor Todd Boehly, part-owner of the Los Angeles Dodgers, has joined a consortium with a U.A.E.-based investor to acquire the international assets of sanctions-hit Russian energy company Lukoil, according to Xtellus Partners, the financial adviser to the bidders.

Lukoil’s Austrian subsidiary, which manages its overseas operations, has valued its international assets at $22 billion, encompassing European refineries, oil fields in Iraq and Central Asia, and U.S. gas stations. The actual sale price remains uncertain. Buyers may purchase the assets as a single package or in separate pieces, sources said.

The consortium faces competition from major energy companies, private equity firms, and other financial investors. Any deal requires approval from the U.S. Treasury Department. Xtellus confirmed it “has applied for a license on behalf of the consortium, but no license has been issued at this time.”

The asset sale followed U.S. sanctions on Lukoil and Rosneft in October, aimed at increasing pressure on Moscow over the war in Ukraine. Lukoil put its overseas operations up for sale to prevent disruption of its business. A planned sale to Swiss trading firm Gunvor was blocked by the Treasury, triggering a scramble among potential buyers.

The Treasury has extended negotiations until December 13, while assessing whether any transaction would fully sever Lukoil’s control of the assets and prevent the Russian company from receiving a windfall.

Boehly’s investment in Lukoil marks a notable departure from his usual focus on sports, entertainment, and real estate, highlighting the appeal of these global energy assets despite geopolitical risk.

Xtellus Partners, formed in 2018 from a management buyout of VTB Capital’s U.S. operations, is advising the consortium.