In a surprising turn of events, US investors are reportedly supporting efforts to revive Russia’s Nord Stream 2 natural gas pipeline, according to sources cited by the Financial Times. The controversial project, which was halted before becoming operational, is now being considered as a potential bargaining chip in Ukraine peace negotiations.
The initiative is said to be spearheaded by Matthias Warnig, the former executive director of Nord Stream 2’s Swiss-based operator. The FT reported on Sunday that a consortium of US investors has been quietly engaging with the White House in what was described as a “once unthinkable” effort—one that underscores President Donald Trump’s changing stance on US-Russia relations.
During his first term, Trump was an outspoken critic of Nord Stream 2, imposing sanctions on the project and later boasting that he had “killed” it. However, since returning to office, his administration has signaled a willingness to ease tensions with Moscow, including the possibility of lifting sanctions under certain conditions.
Warnig’s proposal reportedly involves leveraging Nord Stream 2 as part of a broader US-led peace initiative in Ukraine. Sources suggest that some members of Trump’s team view the pipeline as a tool to facilitate negotiations, with at least one group of American investors exploring a post-sanctions deal with Gazprom, Nord Stream 2’s Russian state-owned operator. A senior US official told FT that the investors could collect “money for nothing” if the deal goes through.
Completed in 2021 but never commissioned due to geopolitical concerns, Nord Stream 2 was meant to complement the Nord Stream 1 pipeline, which was later damaged by underwater explosions in September 2022. While one section of Nord Stream 2 remains intact and filled with gas, Germany has refused to use it due to ongoing sanctions and political opposition.
Russia has consistently maintained its willingness to supply energy to Europe. Kremlin spokesperson Dmitry Peskov reiterated in January that Moscow is open to resuming gas deliveries to the EU if there are willing buyers. Meanwhile, Brussels has moved to reduce dependence on Russian energy since the escalation of the Ukraine conflict in 2022, increasing LNG imports from the US instead.
Despite these efforts, the EU remains a significant consumer of Russian energy. In January, FT reported that European officials were quietly considering a return to Russian pipeline gas as part of a potential Ukraine peace deal, arguing that doing so could stabilize energy prices and aid Europe’s struggling industrial sector.
Germany, however, remains hesitant. In a recent interview with The Economist, Friedrich Merz, the likely successor to Chancellor Olaf Scholz, stated that there would be no return to Russian gas “for the time being” but notably stopped short of ruling it out entirely.
