At a Glance
US and Russian officials have discussed bringing a US investor into Nord Stream.
Germany previously received more than half of its gas from Russia through the pipelines.
Any restart faces US and EU sanctions, political opposition and ownership hurdles.
A deal is considered unlikely in the medium term.
Could Russian gas flow to Europe again?
US and Russian officials have discussed a potential role for US investors in the Nord Stream pipelines, which once carried Russian gas to Germany, according to five people familiar with the talks.
The discussions involve US Special Envoy Jared Kushner and Russian presidential envoy Kirill Dmitriev. The idea is linked to broader efforts to end the Ukraine war and create business incentives around future energy flows.
What happened?
Kushner and Dmitriev have met in Moscow and New York in recent weeks. Two sources said Nord Stream remains on the agenda, although it is unclear how much the two discussed the pipelines during those meetings.
The White House said any deal would need to involve the US International Development Finance Corporation and Treasury and benefit US taxpayers and companies. It also said there had been “no Nord Stream discussions recently.”
Before Russia invaded Ukraine in February 2022, Germany bought more than half of its gas from Russia through Nord Stream. The pipelines were mothballed after Moscow cut supplies and were later damaged by underwater explosions in September 2022.
Why it matters for traders
Nord Stream is currently under US and EU sanctions, making a restart illegal without major policy changes. Germany also opposes reopening the pipelines and says it has found alternative energy supplies.
Trump could ease US sanctions, but a Democratic victory in next month’s midterm elections could make that harder.
For energy markets, any progress could put European gas prices, oil-linked sentiment and the euro back in focus.
What to watch next
The key question is whether Washington moves from exploratory talks toward sanctions relief or an investment deal. Ownership is another hurdle: Gazprom holds 51% of Nord Stream, while German, French and Dutch companies hold the rest.
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Source: Reuters
Time: 3:00 PM EEST
