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US and Russia Discuss Bringing American Oil Giants Back to Russia in Talks With Putin, FT Reports
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The US and Russia are discussing potential postwar business deals as part of Washington’s effort to bring the Russian leader, Vladimir Putin, into negotiations over ending the war in Ukraine, the Financial Times reported on October 27.
The proposals involve American oil majors, Russian energy projects, aviation, titanium, sanctions relief, and other sectors.
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According to FT sources, the White House and Kremlin have floated reviving a joint venture involving US and Russian oil companies off Sakhalin.
It would also bring American majors into a possible resumption of Russian oil sales to Europe through the Druzhba pipeline.
Trump had already moved toward renewed energy trade with Moscow earlier in October, announcing an agreement with the Russian leader, Vladimir Putin, for Russia to supply hundreds of thousands of tons of diesel to US and global markets. UNITED24 Media reported that the arrangement included an initial shipment of more than 300,000 tons, followed by larger deliveries planned for November and beyond.
US officials have stressed that such ventures would not proceed until the war ends and would be tied to a broader peace framework.
“President Trump’s representatives have discussed economic proposals with both sides of the war — including a postwar economic framework to create long-term growth and investment opportunities for Ukraine, and potential opportunities for postwar economic collaboration with Russia,” a US official told the Financial Times.
“Economic agreements would be included in and subject to a comprehensive peace framework that stops the killing in this brutal war; nothing is finalised,” the official added.
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US special envoy Steve Witkoff discussed potential business arrangements with Putin during a meeting in St. Petersburg in early September, according to the report. During another visit to Moscow last week, photographs published by the Kremlin press pool showed “Business Deals” written on Witkoff’s notepad.
The Financial Times reported that Moscow sees the proposed deals as possible incentives for the Trump administration to normalize economic ties with Russia, even as the war continues.
The proposals under discussion extend beyond oil. They include restoring US airline access to Russian airspace, reviving cooperation on titanium production and supply, and potentially involving US companies in Russian energy projects.
The US and Russia have also discussed the possible sale of Lukoil’s international assets to investors connected to the White House, a liquefied natural gas project in Alaska involving Russia’s Novatek, and a possible revival of gas supplies to Europe through the surviving Nord Stream infrastructure.
Another proposal would relax sanctions on potash fertilizers and allow exports through Baltic ports, a move that would require EU approval.
The Financial Times also reported that one idea under discussion would transfer management of the temporarily Russian-occupied Zaporizhzhia Nuclear Power Plant to a US entity, which would then divide electricity generated there between Ukraine and Russia.
European officials have repeatedly opposed lifting sanctions or striking economic deals with Moscow before the war ends. They have also stressed that decisions affecting EU interests cannot be made without European participation.
Many of the proposals face significant obstacles. ExxonMobil, which previously held a 30% stake in the Sakhalin-1 project, has been negotiating compensation over the seizure of its stake and has not indicated plans to return to Russia.
Boeing also suspended its Russian titanium joint venture after the full-scale invasion and has since diversified its supply chains.
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The discussions come ahead of planned trilateral talks involving Ukraine, the US, and Russia in Abu Dhabi next month. The talks are expected to focus on postwar security guarantees and possible steps toward ending the war.
The Financial Times noted that previous US attempts to use economic incentives to move Moscow toward a peace deal failed to change Putin’s negotiating position, while European officials remain skeptical that commercial opportunities alone would be enough to alter the Kremlin’s demands.
It was previously reported that three tankers carrying around 140,000 tonnes of Russian diesel were heading to US ports under a temporary US license, including one vessel sanctioned by the UK, EU, and Canada.
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