The US and Russia discuss options for restoring Russian gas supplies to Europe.

According to Reuters, restoring Russia’s role in the European gas market is viewed as a potential component of a peace deal with Putin, and US involvement in this process could alleviate political resistance in Europe while granting the Americans some control over the volume of Russian gas Europe will receive.

Several options for American participation are being considered: investments in Nord Stream and the Ukrainian gas transportation system, a stake in Gazprom, and involvement from American companies as intermediary buyers. Gazprom is even contemplating offering German customers short-term contracts for 24 months with significant discounts, rather than traditional multi-year agreements.

Russia’s share of the European gas market has dropped from 40% to 19% in three years, significantly impacting the Russian economy. Six EU countries continue to purchase gas from Russia: Hungary and Slovakia receive gas through the TurkStream gas pipeline, while Belgium, France, the Netherlands, and Spain buy LNG from Russian Novatek under long-term contracts.