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Originally published at CDM.press.
Washington and Moscow are exploring a plan to bring American oil companies back to Russia and restore Russian crude sales to Europe as part of the effort to end the war in Ukraine, the Financial Times reported.
As part of the potential settlement, the proposals include reviving an offshore energy project near the island of Sakhalin in the Russian Far East, as well as having U.S. oil majors restart deliveries through the Druzhba pipeline to European refineries. U.S. officials say the ventures could proceed only after the war ends.
However, Moscow is looking at the matter from a different perspective. Two sources familiar with the discussions told the FT that the Russians see the offers as a reason for Trump to normalize relations with them prior to the war ending. “Economic agreements would be included in and subject to a comprehensive peace framework that stops the killing in this brutal war; nothing is finalised,” a U.S. official told the paper.
Steve Witkoff, Trump’s envoy, spoke with Russian President Vladimir Putin about possible deals in St. Petersburg in early September. The effort builds on earlier talks involving Witkoff, Jared Kushner and Kremlin economic envoy Kirill Dmitriev, who in February estimated the value of potential projects at $14 trillion. But the discussions have since stalled over Russia’s demands for Ukrainian territorial concessions. Washington is now pinning its hopes on three-party talks in Abu Dhabi next month, with post-conflict security guarantees set to dominate the agenda.
The oil companies themselves are wary. ExxonMobil, the only American participant in Sakhalin-1, discussed compensation with the Russian government last year for its seizure of the 30% stake the company had held, and said it has no plans to resume operations at the project. Geoffrey Pyatt, a former senior U.S. energy diplomat, questioned whether big publicly traded companies would return under current conditions. “I can’t see any of it lasting contact with the real world,” he said.
Additionally, other proposals include selling Lukoil’s international assets to investors with connections to the White House, or bringing Novatek in to help with an Alaska LNG project. There is also a plan to restart European gas supplies through the remaining Nord Stream infrastructure. A separate idea would hand management of the Russian-occupied Zaporizhzhia nuclear plant to a U.S. entity and divide its electricity between Ukraine and Russia.
Several of the proposals have been discussed without direct participation from Ukraine or Europe. European diplomats so far are opposing any sanctions relief or business deals before the war is over, and say decisions affecting EU interests have to be agreed by the Europeans as well. That complicates efforts to restore energy trade or ease sanctions on potash fertilizer exports through Baltic ports. Phasing out Russian gas imports has already been agreed by the EU, and German Chancellor Friedrich Merz has rejected the revival of the Nord Stream 2 pipeline.
Beyond energy, proposals being discussed include allowing U.S. airlines to once again fly through Russian airspace, as well as a possible revival of titanium cooperation, though Boeing suspended its Russian titanium venture after the invasion and has since diversified its suppliers. Washington has already arranged for imports of Russian diesel fuel, has put a hold on new energy-related sanctions, and is pressing Kyiv to cease attacks on Russian oil refineries, the FT reported.
There is no sign of compromise from Putin, however. All of these proposals are dependent on a political agreement, sanctions decisions and companies willing to return to Russia.
