How to assign a NULL value to a pointer in python?

All objects in python are implemented via references so the distinction between objects and pointers to objects does not exist in source code.

The python equivalent of NULL is called None (good info here). As all objects in python are implemented via references, you can re-write your struct to look like this:

class Node:
    def __init__(self): #object initializer to set attributes (fields)
        self.val = 0
        self.right = None
        self.left = None

And then it works pretty much like you would expect:

node = Node()
node.val = some_val #always use . as everything is a reference and -> is not used
node.left = Node()

Note that unlike in NULL in C, None is not a “pointer to nowhere”: it is actually the only instance of class NoneType.
Therefore, as None is a regular object, you can test for it just like any other object with node.left == None. However, since None is a singleton instance, it is considered more idiomatic to use is and compare for reference equality:

if node.left is None:
   print("The left node is None/Null.")