United States Special Envoy Jared Kushner and Kirill Dmitriev, an adviser to Russian President Vladimir Putin, have held discussions regarding the potential entry of a U.S. investor into the Nord Stream gas pipelines, according to five people with knowledge of the matter. The pipelines, which previously transported Russian gas to Germany, have been inactive since 2022 following the invasion of Ukraine and subsequent underwater explosions.
The talks are part of a broader effort by Kushner to broker a truce between Russia and Ukraine. Sources indicate that Kushner views business partnerships as a primary mechanism for restoring stability and allowing U.S. investors to profit from European energy flows after the conflict concludes. While Kushner and Dmitriev have met recently in Moscow and New York, a White House official stated there had been "no Nord Stream discussions recently" and that any deal must benefit U.S. taxpayers and companies.
Beyond the pipelines, the officials have reportedly discussed a plan for a consortium involving the U.S. International Development Finance Corporation (DFC) and investors from Qatar and the United Arab Emirates to purchase European assets owned by the Russian energy firm Lukoil. These assets include oil refineries and petrol stations. A White House official stated that Kushner and Steve Witkoff worked with the DFC to negotiate a "substantial upfront payment" and "profits interest" for the United States regarding the Lukoil proposal.
Significant legal and political barriers remain for any energy restart. The Nord Stream pipelines are currently under U.S. and European Union sanctions, making a restart illegal under current law. While President Donald Trump could potentially waive these sanctions, the outcome of the upcoming November midterm elections could impact the feasibility of such a move. Additionally, the German government has expressed opposition, stating it has already secured alternative energy sources.
The proposed negotiations directly involve the energy security of Germany and affect residents in Poland and the Baltic states who oppose renewed energy ties with Russia. Before 2022, Germany relied on Russia for more than 50% of its gas; while that figure has dropped to approximately 12% for the European Union, a restart would signal a reversal of the European Union’s REPowerEU policy, which aims to end reliance on Russian fossil fuels by 2027. For households and small-business owners across Europe, the outcome of these talks could determine long-term energy prices, though German officials emphasize that current sanctions and the use of alternative suppliers remain their priority.
The financial scale of these potential deals is substantial, involving the Russian state energy giant Gazprom, which holds a 51% stake in Nord Stream, and Lukoil, which owns a network of refineries and petrol stations across Europe. The Lukoil proposal specifically involves the DFC, a federal agency, and would require U.S. authorities to lift sanctions. A deal would also impact the two German entities that own 31% of the pipeline, as they have expressed a desire to keep their shares to maintain influence.
Future developments depend on both diplomatic outcomes and scheduled political meetings. Kirill Dmitriev is scheduled to meet with the leadership of the Alternative for Germany (AfD) party early next year to discuss the resumption of Russian gas sales, an initiative the party supports despite opposition from Germany's current coalition government. The U.S. midterm elections in November will serve as an indicator of whether the administration will have the support to adjust the current sanctions regime governing these energy assets.