Diplomatic and financial negotiations

Top Russian and US officials explored a framework to bring an American investor into the Nord Stream natural gas pipelines, according to five people familiar with the discussions. The conversations involved US Special Envoy Jared Kushner and Kirill Dmitriev, an adviser to Russian President Vladimir Putin. Kushner, who has worked to mediate a truce between Russia and Ukraine, views commercial agreements as a central tool to restore peace. Under the concept, American investors would earn returns from transporting Russian fuel to Europe once hostilities cease. Dmitriev and Kushner met in recent weeks in Moscow and New York, keeping the pipeline project on the diplomatic agenda. Following discussions in Moscow, Kushner also traveled to Kyiv to promote economic agreements designed to provide financial perspectives for the participating nations.

Lukoil assets and Washington's position

Talks between Kushner and Dmitriev also addressed the prospective sale of foreign holdings owned by Russian oil company Lukoil. The portfolio under discussion encompasses refineries and petrol stations situated abroad. The contemplated structure involves a purchase by a consortium pairing the US International Development Finance Corporation with investors from Qatar and the United Arab Emirates. A White House official stated that any agreements must be negotiated by Russia with the DFC and the Treasury Department and must benefit United States taxpayers and companies. The official noted that no pipeline discussions had taken place recently. In September 2026, Dmitriev held talks with representatives from the US Department of Energy and the Treasury Department concerning prospective bilateral energy initiatives.

European resistance and regulatory hurdles

The prospective restart confronts rigid regulatory barriers across the European continent. Nord Stream pipelines remain under sanctions enforced by both Washington and Brussels, which make any operational restart illegal under existing law. The European Union adopted a comprehensive transaction ban on Nord Stream 1 and 2 in 2025, specifically barring maintenance, operation, and future utilization. A spokeswoman for Germany's economy and energy ministry stated that the country has secured alternative energy supplies and that government approval for a restart is not desired. Polish officials likewise track the diplomatic exchanges between Washington and Moscow and oppose restoring Russian fuel deliveries. European Commission President Ursula von der Leyen reiterated that Europe will not resume Russian gas purchases, keeping the bloc on course to end imports by the end of 2027.

Political friction and geopolitical timeline

European politicians have voiced objections to the prospect of a bilateral energy settlement between Washington and Moscow. German Green Party member of parliament Michael Kellner, who specializes in energy policy, warned against an arrangement negotiated without European consent.

“We face a dirty deal for which Europe will pay dearly. Americans and Russians will share the profits.”

Germany imported more than half of its natural gas from Russia prior to the February 2022 invasion of Ukraine. The offshore pipelines were subsequently shut down before underwater explosions damaged the Baltic Sea conduits in September 2022. Russian state firm Gazprom owns 51% of the infrastructure consortium, with the remaining equity held by German, French, and Dutch entities. Although US President Donald Trump retains executive authority to waive or soften unilateral American sanctions, congressional resistance would intensify if Democrats capture control of Congress in the November 2026 midterm elections.