The United States and Russia have reportedly held closed-door talks discussing the possible resumption of Russian gas exports to Europe with American involvement.
The negotiations included discussions on potential US investor participation in acquiring Ukraine’s gas transmission system or even stakes in Russian pipelines such as Nord Stream. Russia has officially denied that such talks took place.
According to Reuters, sources familiar with the negotiations said that Russia’s return to the European gas market could be part of a future peace agreement with Russian leader Vladimir Putin. While many EU countries are actively seeking alternative energy sources, some European consumers remain open to buying Russian gas — and their number could increase after the war ends.
As Reuters reports, discussions between the US and Russia also covered potential US investment in Russian energy infrastructure — including Nord Stream and Gazprom. One of the proposed scenarios involved American companies purchasing gas from Gazprom and then supplying it to Europe, including Germany. Such a model could help reduce political resistance in Europe to the resumption of Russian gas deliveries.
At the same time, Gazprom is reportedly considering offering German energy firms short-term 24-month contracts at deep discounts instead of traditional long-term agreements. However, this plan faces several obstacles, including ongoing legal disputes over previously breached contracts and technical issues — and some pipelines running through Ukrainian territory have been damaged by the war.
Currently, the only route through which Russian gas reaches the EU is the TurkStream pipeline, which supplies Hungary.
Since the start of the full-scale invasion, Russia has lost the majority of its share in the European gas market — a blow that has hit its economy hard. In 2022, Russia supplied 40% of Europe’s gas needs; today, that figure has dropped to just 19%, mostly via liquefied natural gas (LNG) and the TurkStream pipeline. Gazprom posted $7 billion in losses in 2023.
According to diplomatic and White House sources, US participation in a potential Russian gas comeback could be advantageous for Washington as well — giving it visibility and possibly a degree of control over the volume of Russian gas flowing back into Europe.
Reuters reports that talks on restoring Russian gas flows to Europe were conducted between US special envoy Steve Witkoff and Kirill Dmitriev, Putin’s designated investment advisor. Two of the eight sources said these discussions were held as part of broader peace negotiations concerning Ukraine.
A spokesperson for Witkoff declined to comment when asked whether Russian gas exports had been discussed. Meanwhile, the Russian Direct Investment Fund, led by Dmitriev, said that “no such discussions are currently taking place.”