The United States is examining the possibility of reviving the flow of Russian natural gas to Europe through pipelines running through Ukraine. This issue has arisen following the trips of Donald Trump's representatives, including Jared Kushner and Steven Witkoff, to Moscow and Kyiv last September.
Details of the Natural Gas Revival Plan
The proposed plan includes selling Russian natural gas through an American intermediary. However, this agreement will face significant legal hurdles under the European Union's restrictions on Russian gas imports. This could create a lucrative opportunity for American investors.
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Ukraine halted all Russian gas flows at the beginning of last year when a five-year contract between Gazprom and Naftogaz of Ukraine expired, and Naftogaz refused to extend it. However, reports suggest that the Ukrainian government could benefit from the revival of gas transfers from Russia and generate much-needed revenue.
Economic Implications for Europe
The new natural gas agreement could lower prices for European consumers, especially with the winter season approaching and demand for heating rising. Gas storage in the European Union is at lower levels than usual, with Germany particularly vulnerable, as its storage is only 61% full, while the target is 80%.
Germany holds the largest share of gas storage capacity in the European Union, accounting for over 20% of the total capacity. EU officials have repeatedly stated that there will be no return to the gradual phase-out of all energy imports from Russia, even gradually, to avoid the shock of a sudden supply cut.
Even after the end of the war in Ukraine, the European Union does not intend to resume purchasing Russian energy goods. Natural gas exports will soon come to an end next year. However, European countries have been the largest buyers of Russian liquefied natural gas this year, accounting for nearly 85% of global Yamal liquefied natural gas deliveries in the first nine months of 2026.
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