Top US and Russian officials, including President Donald Trump's son-in-law Jared Kushner, have reportedly discussed bringing a US investor into the Nord Stream gas pipelines in recent weeks. That would require easing sanctions, which is the kind of thing that tends to turn a quiet diplomatic chat into a very loud headline.
Kirill Dmitriev, an adviser to Russian President Vladimir Putin, joined the talks, Reuters reported Thursday, citing sources. Kushner, a US special envoy, is trying to broker a Russia-Ukraine truce and views business deals as central to peace. Dmitriev and Kushner met in Moscow and New York. While the report stated Nord Stream remains on the agenda, a White House official said that there had been "no Nord Stream discussions recently."
Why Europe's Energy Supply Is at Stake
The Nord Stream system includes two pipelines, Nord Stream 1 and Nord Stream 2, that run beneath the Baltic Sea from Russia to Germany. Nord Stream 1 transported Russian gas to Germany, Europe's largest energy consumer. Before Russia invaded Ukraine in February 2022, Germany received more than half of its natural gas from Russia through the pipelines.
Flows stopped after Moscow throttled supply to Europe. The pipelines were then blown up in a series of underwater explosions in September 2022.
For investors, the appeal is access. A deal would let US investors profit from energy flows to Europe once the war ends, according to the report. Days after the Moscow meetings, Kushner said in Kyiv that the war pushed up energy prices. He urged "prosperity agreements" to encourage peace.
The White House did not immediately respond to MarketDash's request for comment.
US Penalizes Buyers of Russian Oil
The talks come as Washington is penalizing buyers of Russian energy. The Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, signed into law by Trump, gives the administration power to impose tariffs of up to 100% on countries that keep buying Russian oil and gas. The law targets the five largest purchasers, with China and India ranking as the top two buyers of Russian oil. However, the 100% tariff is the maximum allowed and is not an automatic duty.
The US has already used tariffs this way. In August 2025, Washington added a 25% tariff on Indian goods over India's Russian oil purchases, lifting total tariffs on some exports to 50%. Trump scrapped the extra duty in February 2026 after India committed to stop importing Russian oil.
Europe Pushes Back
Europe's resistance remains strong. Nord Stream and Russian gas are sanctioned in Europe, and Germany has found alternatives, a spokeswoman for Germany's economy and energy ministry told Reuters. Any reopening requires government approval, she said, and that is not desired.
Ownership adds another hurdle. Russia's state energy giant Gazprom owns 51% of the company that controls the pipelines. Two German entities hold 31%, and French and Dutch firms own the rest. The German shareholders want to keep their stakes to preserve German influence should Gazprom sell, one source told Reuters.
Politics are also divided. Germany's coalition government opposes a restart, but the Alternative for Germany (AfD) supports one. Dmitriev will meet AfD leaders early next year to discuss selling Russian gas again, Reuters reported.
The conflict between Russia and Ukraine is now in its fifth year. With several failed truce efforts and neither side backing off from attacks, the escalation has extended beyond the political sphere. The war, along with escalation between Iran and the US and Israel, has made oil prices extremely volatile, with huge price spikes seen in 2026. Russia vowed Sunday to intensify strikes after Kyiv pledged more refinery attacks.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by MarketDash editors.
