Russian and European officials said the US is looking to cooperate with Russian gas company Gazprom in global projects. Many sources familiar with the matter have revealed that Gazprom is looking forward to the US helping to restart the Nord Stream pipeline between Russia and Germany.
experienced American investor in Russia Stephen Lynch is interested in buying Nord Stream 2 AG - the Swiss-based operator of the Nord Stream 2 pipeline, a subsidiary of Gazprom - if the company declares bankruptcy. That means the US will have a stake in the Nord Stream 2 project.
The easing of Russian sanctions also paves the way for exports of more Russian liquefied natural gas (LNG). Europe imported record volumes of Russian LNG last year.
Before the Russia-Ukraine conflict broke out, Russia was Europe's largest gas supplier, meeting about 40% of the bloc's demand and distributing gas via many pipelines to more than 20 countries.
According to the International Energy Agency, Russian gas supplies to Europe will fall to around 14% by 2024.
Europe's imports of Russian LNG mean Russia remains one of the continent's leading gas suppliers.
However, in terms of gas through the pipeline, Russia currently only carries a small part of it compared to before, as only one route - the TurkStream pipeline flowing into Hungary, Serbia and Slovakia via Turkey and under the Black Sea - is still operational.
There are many barriers to the Russian gas pipeline to Europe operating again. The EU has been developing a plan to phase out remaining energy imports from Russia by 2027.
Many of Europe's relations with Russian gas suppliers have been severed or worsened in recent years.
Some of Gazprom's largest and longest-standing customers, including German energy company Uniper and Austrian energy company OMV, have terminated long-term contracts to buy Russian gas following the arbitration award.
Other companies, such as Eni in Italy and Engie in France, are filing a lawsuit against the Russian company, demanding compensation for the gas suspension in 2022.
Infrastructure congestion is also occurring. Both Nord Stream gas pipelines were sabotaged in 2022. One of the two branches of Nord Stream 2 remains intact but Germany has not yet certified the operation of the pipeline. In the event that Germany changes its mind and allows the operation, this Nord Stream 2 branch will also need to be maintained because the most recent technical tests took place more than 3 years ago.
The Russian gas flow passes through another network, the Yamal - Europe pipeline, which runs through Poland, and stops operating in 2022. To restore Russian gas transit through this system, the Polish government needs to approve the reopening.
Finally, it is the possibility of resuming Russian gas transit through Ukraine after the 5-year transit agreement expired at the end of last year. Talks between Gazprom and Ukrainian partner Naftogaz have been difficult and prolonged.
There is also uncertainty about the extent of damage to the regional gas network after both Russia and Ukraine increased military efforts, including in Russia's Kursk region, an important transit point for Russian gas.
