Top Russian and US officials, including US Special Envoy Jared Kushner and Russian President Vladimir Putin's adviser Kirill Dmitriev, have held confidential talks about bringing a US investor into the Nord Stream pipelines that delivered gas to Germany before Russia invaded Ukraine. According to reports from Reuters, the discussions included Kushner, who has been trying to broker a truce between Russia and Ukraine, and views doing business as central to restoring peace. Such a deal would enable US investors to profit from energy flows to Europe once the war ends. Dmitriev and Kushner have met in Moscow and New York in recent weeks, with the topic remaining on the agenda despite unclear degree of Nord Stream discussions during those meetings. A White House official told Reuters that given the obstacles, a deal is unlikely in the medium term.
A White House official told Reuters that any deals will have to be negotiated by Russia with the US International Development Finance Corporation (DFC) and Treasury and must benefit United States taxpayers and companies. The official stated there had been "no Nord Stream discussions recently" when asked about the pipeline discussions. Dmitriev met last month with US Energy and Treasury Department representatives to discuss potential US-Russia energy initiatives, though a representative for Dmitriev declined to comment. It remains unclear how interested Washington is in pursuing the restarting of Russian gas flows to Germany, which is Europe's biggest energy consumer.
The Nord Stream gas pipelines face significant ownership hurdles that could complicate any restart. According to Reuters, the company is 51% owned by Russian state energy giant Gazprom, with a further 31% split between two German entities and the rest in the hands of a French and Dutch firm. The two German shareholders are seeking to keep their shares to maintain German influence should Gazprom sell its stake. This ownership structure makes any restart illegal under current US and EU sanctions. Sources indicate that these high-level talks also encompass potential transactions involving international assets belonging to Russian energy firms.
Germany's economy and energy ministry spokeswoman told Reuters that Nord Stream and Russian gas were sanctioned in Europe and that Germany had found alternatives. She stated that any reopening of the pipelines required government approval and this was not desired. Some German lawmakers, including Michael Kellner, who was in charge of German energy policy after the Ukraine invasion, warned that such deals would be "a dirty deal that will cost Europe dearly." While Germany's coalition government is opposed to restarting the pipeline, Alternative for Germany (AfD) wants to do so, with Dmitriev scheduled to meet AfD leadership early next year to discuss selling Russian gas again. Sources indicate that such an arrangement could mark a major shift in transatlantic energy policy and sanctions strategy, though it faces heavy skepticism and political resistance from several European member states wary of restoring energy ties with Moscow.
Kushner and Dmitriev have also been discussing the sale of businesses owned by Russian energy company Lukoil, including oil refineries and petrol stations in Europe and elsewhere. According to Reuters, a consortium of the DFC federal investment agency and investors from Qatar and the United Arab Emirates would buy the assets, while US authorities would lift sanctions. A White House official confirmed that "Steve (Witkoff) and Jared (Kushner) worked with DFC to negotiate a substantial upfront payment and profits interest for the United States." Sources also reported that Trump's and Putin's teams discussed the sale of assets belonging to the Russian energy company "Lukoil," with US authorities expecting to receive significant profits if this plan is successfully implemented.
