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US and Russia discuss American oil firms returning to Russia

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The talks are part of wider efforts to end the war in Ukraine, and one idea is to restart a joint venture off Sakhalin. A US official said nothing is finalised and projects can only go ahead after the war ends.

Reports say the proposals also include US oil firms helping to restart Russian crude exports to Europe through the Druzhba pipeline. They also cover Russian gas supplies to Europe through Nord Stream and US operating rights at the Zaporizhzhia Nuclear Power Plant.

Reports also say US envoy Steve Witkoff met Russian president Vladimir Putin in St. Petersburg in early September to discuss the ideas. Russian official Kirill Dmitriev has also held talks with Witkoff and Jared Kushner. Dmitriev estimated in February that the projects could be worth $14 billion.

ExxonMobil once held a 30% stake in a Russian project that Russia seized. The company said last year that it was discussing compensation and had no plans to resume business in Russia.

Separately, US president Donald Trump said at a rally in Texas that a meeting between Putin and Ukrainian president Volodymyr Zelensky will be arranged very soon.

Key facts

Who
Vladimir Putin (Russian president, leader whose war in Ukraine is the subject of wider talks); Donald Trump (US president, spoke to reporters at a rally in Texas and said a Putin-Zelensky…); Volodymyr Zelensky (Ukrainian president, referenced in the planned Putin-Zelensky meeting); White House (US government, reportedly hinted the Sakhalin joint venture could be relaunched)
What
According to an FT exclusive, US and Russian officials are discussing a possible return of American companies to the Russian oil market, with one suggestion being the possible resumption of a joint venture involving US and Russian oil majors off Sakhalin. The article is a short description with no further body text.
When
28 October 2026
Where
Russia, Ukraine, Sakhalin
Status
Reported

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