US and Russian officials have discussed the possibility of an American investor acquiring a stake in the Nord Stream pipeline, which before the war supplied Russian gas to Germany. The idea is related to the possible restoration of energy flows to Europe after the end of the war in Ukraine, Reuters reported. The information was confirmed by five people familiar with the talks.
Among the participants are US special envoy Jared Kushner and Kirill Dmitriev, a close adviser to Russian President Vladimir Putin. The two have met in Moscow and New York in recent weeks. Two of the agency's sources said that the topic of “Nord Stream“ remains on the agenda, although it is not clear to what extent it was discussed during the specific meetings.
“Any deal must be negotiated by Russia with the DFC and the Treasury Department and must benefit American taxpayers and companies“, a White House official said. At the same time, he pointed out that there have been no recent talks about “Nord Stream“.
Sanctions block a quick recovery
Kirill Dmitriev, who supports the resumption of Russian gas sales to Germany, met in September with representatives of the US Departments of Energy and Treasury. These meetings discussed possible energy initiatives between Washington and Moscow.
A US official assessed that due to the many obstacles, such a deal is unlikely in the medium term. The “Nord Stream“ gas pipelines are under US and European Union sanctions, making it illegal to resume supplies under current restrictions.
US President Donald Trump could lift or ease some of the sanctions. However, this would become more difficult if Democrats win control of Congress in the November midterm elections.
Germany also does not support the resumption of gas supplies. A spokeswoman for the German Ministry of Economics and Energy said that Nord Stream and Russian gas are sanctioned in Europe, and the country has already found alternatives. Resuming the operation of the pipelines would require approval from the German government, which does not want this.
Ownership is an additional obstacle
Before Russia's invasion of Ukraine in February 2022, Germany received more than half of its gas from Russia through the two pipelines. They were taken out of service after Moscow restricted supplies to Europe, and in September 2022 were damaged in a series of underwater explosions.
The company that controls the gas pipelines is 51 percent owned by the Russian state energy group “Gazprom“. Another 31 percent is divided between two German companies, and the remaining shares belong to a French and Dutch company. German shareholders want to keep their stake to preserve the country's influence if “Gazprom“ sells its stake.
In Germany, the potential agreement is facing political resistance. “This threatens to become a dirty deal that will cost Europe dearly”, said MP Michael Kellner. According to him, Americans and Russians will share the profits.
In parallel with the talks on “Nord Stream“ Kushner and Dmitriev are also discussing the sale of Lukoil assets in Europe and other regions. These include oil refineries and gas stations. According to Reuters sources, a potential buyer is a consortium of the American DFC and investors from Qatar and the United Arab Emirates, as part of the plan is for the US to lift sanctions on the assets.
Sources: reuters.com, in.marketscreener.com