U.S. Pushes to Restore Russian Gas Flows to Europe | OilPrice.com
Irina Slav
What I Cover Irina Slav has been writing about global energy markets since 2007, covering the oil and gas industry, energy security, commodities, and the…
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By Irina Slav – Nov 02, 2026, 1:50 AM CST
The United States has discussed with Russia the possibility of restoring natural gas flows to Europe via pipelines running through Ukraine, the Wall Street Journal has reported, citing unnamed sources involved in the talks.
The idea came from President Trump’s envoys Jared Kushner and Steve Witkoff and was floated during trips to Moscow and Kyiv in September, the report said. The proposal would involve selling Russian gas through a U.S. intermediary, although such an arrangement would still face significant legal obstacles under the EU’s restrictions on Russian gas imports. The WSJ also noted that it could create “a lucrative opportunity for American investors.”
Ukraine suspended all Russian gas transit at the start of last year, when the five-year deal between Gazprom and Ukraine’s Naftogaz expired, with the latter rejecting the possibility of extending it. According to the WSJ report, however, the Ukrainian government could benefit from the renewal of gas transit from Russia and get some “badly needed revenue”.
A new Russian gas deal would also lower gas prices for European consumers as winter begins and demand for heating rises to a seasonal peak. The European Union’s gas storage is at levels lower than usual, with Germany in an especially vulnerable position as storage sits at 61% full versus a target of 80% as of November 1. Germany hosts the biggest portion of EU gas storage capacity, at over 20%.
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EU officials have repeatedly stated there was no going back on the plan to phase out all Russian energy commodity imports, albeit gradually, to avoid a shock from the sudden loss of supply. Even after the war in Ukraine ends, the EU will not resume buying Russian energy commodities, the official position of the EU states. Natural gas exports are set to end next year. This year, however, European countries have been the biggest buyers of Russian liquefied natural gas, accounting for approximately 85% of Yamal LNG’s recorded global deliveries during the first nine months of 2026.
By Irina Slav for Oilprice.com
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Irina Slav
What I Cover Irina Slav has been writing about global energy markets since 2007, covering the oil and gas industry, energy security, commodities, and the…
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