US, Russia Discuss American Investment in Nord Stream

Senior U.S. and Russian officials have discussed bringing an American investor into the sanctioned Nord Stream pipelines, opening a potential route for U.S. participation in Russian gas sales to Germany.

The talks involved Jared Kushner, President Donald Trump’s special envoy and son-in-law, and Kirill Dmitriev, a close adviser to Russian President Vladimir Putin, five people familiar with the matter told Reuters.

Any investment would face substantial obstacles.

U.S. and EU sanctions bar a restart, Germany opposes reopening the pipelines, and an American official said an agreement was unlikely in the medium term.

Business Alongside Truce Talks

Kushner has sought to make commercial agreements part of his effort to broker a Russia-Ukraine truce.

A pipeline deal could give American investors a share of the proceeds from gas deliveries to Europe after the fighting ends.

He and Dmitriev have met recently in Moscow and New York. Two people said Nord Stream remained on their agenda, although the extent of pipeline discussions at those meetings was unclear.

The White House disputed the suggestion of recent talks. An official told Reuters there had been “no Nord Stream discussions recently”.

“Any deals will have to be negotiated by Russia with DFC (US International Development Finance Corporation) and Treasury and must benefit United States taxpayers and companies,” the official said.

Dmitriev also held meetings last month with representatives of the U.S. Energy and Treasury departments on possible bilateral energy projects. His representative declined to comment.

Berlin Opposes a Restart

Washington’s appetite for restoring Russian pipeline supplies to Germany remains uncertain.

Trump could ease U.S. sanctions, but doing so would be harder if Democrats take control of Congress in next month’s midterm elections.

European restrictions present a separate barrier. Germany’s economy and energy ministry said the country had secured alternative supplies and did not want to reopen Nord Stream.

A ministry spokeswoman said restarting the pipelines would require government authorization.

Germany and other European countries would strongly oppose such a move while committing billions of euros to strengthening their defenses against Russia.

Before the February 2022 invasion, Russian supplies accounted for more than half of Germany’s gas purchases through Nord Stream.

The pipelines were taken out of service after Moscow curtailed deliveries, and underwater explosions damaged them that September.

Ownership Complicates Investment

A transaction would also have to navigate the interests of Nord Stream’s existing shareholders.

Gazprom holds 51% of the company and controls the pipelines. Two German shareholders own 31% together, with French and Dutch companies holding the remainder.

The German investors want to retain their stakes to preserve Germany’s influence if Gazprom sells its holding, another person said.

Political resistance extends beyond Berlin's governing coalition.

Poland remains firmly opposed to reopening the route, according to a person familiar with its government’s position, while the Baltic states also reject renewed energy ties with Moscow.

Germany’s Alternative for Germany party supports a restart. Dmitriev is due to meet its leadership early next year to discuss renewed Russian gas sales.

Europe Questions Moscow’s Motives

The discussions come amid European suspicions that Russia is pursuing commercial concessions without committing to a swift end to the war.

Earlier this year, the leaders of five European intelligence agencies told Reuters that Moscow was using negotiations with Washington to advance business agreements rather than accelerate peace.

Berlin has also accused Russia of conducting a systematic campaign of hybrid attacks. Some German lawmakers argue that renewed commercial ties would strengthen Moscow while its war continues.

“This threatens to be a dirty deal that will cost Europe dearly,” said Michael Kellner, a lawmaker who oversaw German energy policy after the invasion.

Kushner has presented economic incentives as a way to encourage a settlement.

Speaking in Kyiv after the Moscow meetings, he said he had discussed the war’s effect on energy costs with European counterparts and advocated agreements offering leaders a prospect of greater prosperity.

Lukoil Assets Also Under Discussion

The energy negotiations extend beyond Nord Stream. Kushner and Dmitriev have discussed selling Lukoil businesses, including refineries and fuel stations in Europe and other markets, two people said.

Their proposed arrangement would involve a consortium of DFC and investors from Qatar and the United Arab Emirates acquiring the assets, alongside the lifting of U.S. sanctions.

A White House official said Kushner and Steve Witkoff had worked with DFC on terms involving a significant upfront payment and a U.S. interest in future profits.