US and Russia Discuss Nord Stream Gas Deal for Europe, but Major Hurdles Remain

Senior Russian and American officials have discussed bringing a US investor into the Nord Stream pipelines, which carried Russian gas to Germany before the Ukraine war, five people familiar with the matter said. The talks reportedly involve US Special Envoy Jared Kushner and Kirill Dmitriev, a close adviser to Vladimir Putin. The two have met in Moscow and New York in recent weeks. Kushner, who is trying to broker a truce, sees business deals as central to peace, and such an arrangement would let US investors profit from energy flows to Europe once the fighting ends. A White House official said any deal would need to go through the DFC and Treasury, benefit US taxpayers and companies, and that there had been no recent Nord Stream discussions.

Sanctions and Ownership Barriers

The pipelines are sanctioned by the US and EU, so a restart would be illegal. Trump could waive or soften sanctions, though that gets harder if Democrats win Congress in next month’s midterms. Gazprom owns 51% of the operating company, with 31% held by two German entities and the rest by a French and a Dutch firm. The German shareholders want to keep their stakes to preserve German influence. A US official said a deal looks unlikely in the medium term.

European Opposition to Russian Gas Imports

Germany’s economy and energy ministry said it has found alternatives and does not want the pipelines reopened. Before the 2022 invasion, Germany bought more than half its gas from Russia. Lawmaker Michael Kellner called the idea a dirty deal that would cost Europe dearly. Poland and the Baltic states also oppose it, while the AfD supports restarting flows.