U.S. and Russian Officials Examine Bringing American Investor into Nord Stream Pipeline Assets

Top Russian and U.S. officials, including U.S. Special Envoy Jared Kushner, have held talks about bringing a U.S. investor into the Nord Stream pipelines that previously supplied gas to Germany before Russia’s invasion of Ukraine, according to five people familiar with the matter.

The discussions involved Kirill Dmitriev, a close adviser to Russian President Vladimir Putin, and Kushner, the son‑in‑law of U.S. President Donald Trump. Kushner, who has been working to broker a truce between Russia and Ukraine, sees business cooperation as a key element in restoring peace. A deal would allow American investors to profit from energy flows to Europe once the conflict ends.

Dmitriev and Kushner have met in Moscow and New York in recent weeks. While it remains unclear how much Nord Stream was discussed during those meetings, the topic is still on the agenda, two of the sources told Reuters.

“Any agreements will have to be negotiated by Russia with the DFC (U.S. International Development Finance Corporation) and the Treasury and must benefit U.S. taxpayers and companies,” a White House official said when asked about the pipeline talks.

There have been “no Nord Stream discussions recently,” the official told Reuters.

Dmitriev, who has advocated for a resumption of Russian gas sales to Germany, met last month with U.S. Energy and Treasury Department representatives to explore possible U.S.–Russian energy initiatives. A spokesman for Dmitriev declined to comment.

It remains uncertain how interested Washington is in restarting Russian gas flows to Germany, Europe’s largest energy consumer.

A U.S. official said that, given the obstacles, a deal is unlikely in the medium term. The United States and the European Union have sanctioned the Nord Stream pipelines, rendering any restart illegal.

President Trump could waive or soften U.S. sanctions, but if Democrats regain control of Congress in next month’s midterm elections, such action would become more difficult.

Germany and other European nations, which are spending billions of euros to rebuild their militaries in response to Russian aggression, would strongly oppose reopening Nord Stream.

A spokeswoman for Germany’s economy and energy ministry said Europe had sanctioned Nord Stream and Russian gas, and that Germany had identified alternative supplies. She added that any reopening of the pipelines would require government approval, which is not currently sought.

Before Russia invaded Ukraine in February 2022, Germany sourced more than half of its gas from Russia through the two Nord Stream pipelines. The lines were mothballed after Moscow curtailed deliveries to Europe and were later destroyed in a series of underwater explosions in September 2022.

European Distrust Persists as Washington‑Moscow Talks Continue

Talks between Moscow and Washington are unfolding against a backdrop of deep mistrust in Europe regarding Russia’s intentions.

Earlier this year, the heads of five European intelligence agencies told Reuters that Russia has no desire to end the war quickly and is using the U.S. discussions to push for business deals instead.

Relations between Russia and Germany, a leading provider of military aid to Ukraine, have hit a new low, with Berlin officials accusing Moscow of conducting a systematic campaign of hybrid attacks.

Some German lawmakers argue that business agreements would bolster Moscow as it continues its war against Ukraine.

“This threatens to be a dirty deal that will cost Europe dearly,” said Michael Kellner, a lawmaker who guided German energy policy after the invasion of Ukraine. “Americans and Russians will share the profits,” he added.

While Germany’s coalition government opposes restarting the pipeline, the Alternative for Germany (AfD), the country’s most popular political party, supports doing so.

Dmitriev plans to meet with AfD leaders early next year to discuss the possibility of resuming Russian gas sales.

Nevertheless, both selling ownership of the Nord Stream holding company to a U.S. investor and restarting Russian gas shipments face significant hurdles.

The company is 51 % owned by Russian energy giant Gazprom, with a further 31 % split between two German entities and the remainder held by a French and a Dutch firm.

The two German shareholders aim to retain their stakes to preserve German influence should Gazprom decide to sell its share, according to another source.

In Kyiv, Kushner later said he had spoken with European counterparts about how the war had driven up energy prices, promoting “prosperity agreements” to encourage peace and give leaders “something to look forward to.”

Germany and Europe Divided Over Potential Russian Gas Deal

A gas deal would please the Kremlin but would split German public opinion, which remains divided over buying Russian energy, and would drive a wedge through Europe, with countries like Poland and the Baltic states particularly vulnerable and firmly rejecting energy ties.

Poland’s political leadership is monitoring the discussions about reopening the pipeline but continues to oppose it, a source familiar with the government’s position said.

Kushner and Dmitriev have also been discussing the sale of a portfolio of businesses—from oil refineries to petrol stations—owned by the Russian energy company Lukoil, according to two additional people briefed on the matter.

Under that plan, a consortium comprising the DFC federal investment agency and investors from Qatar and the United Arab Emirates would acquire the assets, while U.S. authorities would lift sanctions, the people said.

“On Lukoil, Steve (Witkoff) and Jared (Kushner) worked with DFC to negotiate a substantial upfront payment and profits interest for the United States,” a White House official said.

Lukoil and Gazprom did not respond to requests for comment.

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