Media: US investors seek to revive Nord Stream 2 pipeline amid Trump’s Russia rapprochement

A former East German spy and close ally of Russian President Vladimir Putin is leading an initiative to restart the Nord Stream 2 gas pipeline to Europe, with backing from US investors.

The move, which was once considered unthinkable due to the strained US-Russia relations, underscores the depth of the rapprochement between Moscow and the Trump administration, Caliber.Az reports, referencing a report by The Financial Times.

Matthias Warnig, a former officer of the Stasi intelligence agency, played a pivotal role in the development of this plan. Until 2023, Warnig was the head of Nord Stream 2’s parent company, which is controlled by the Russian state-owned gas giant Gazprom. Now, he is using back-channel efforts to engage US businessmen in an attempt to secure a post-sanctions deal that could have significant geopolitical implications.

Warnig’s strategy, according to several sources familiar with the discussions, includes outreach to the Trump team, as part of a broader effort to broker an end to the war in Ukraine while simultaneously deepening economic ties between the United States and Russia. Some senior figures from the Trump administration are reportedly aware of the initiative, seeing it as an opportunity to rebuild relations with Moscow.

A US-led consortium of investors has already drawn up preliminary plans for a deal with Gazprom, according to a person familiar with the talks, although the identities of the investors remain undisclosed. The move to bring in US investors comes after the war in Ukraine drastically altered Europe's energy dynamics, with European nations seeking alternatives to Russian gas supplies.

The European Union has taken a cautious approach to these developments. Senior EU officials became aware of the Nord Stream 2 discussions in recent weeks, with concerns raised across several European capitals. The sabotage of one of the Nord Stream 2 pipelines in September 2022, alongside the destruction of the Nord Stream 1 pipelines, has only heightened the uncertainty surrounding the project. The remaining undamaged Nord Stream 2 pipeline, with a capacity of 27.5 billion cubic meters of gas, has yet to be used.

The revival of the pipeline would potentially give the United States significant leverage over European energy supplies, especially in the wake of the EU’s decision to wean itself off Russian gas after the invasion of Ukraine. However, substantial hurdles remain. For the plan to proceed, the US would need to lift sanctions imposed on Russia, while Moscow would have to agree to resume gas sales it halted during the war. Furthermore, Germany would need to approve the resumption of gas flows to European buyers.

The discussions surrounding Nord Stream 2 occur alongside broader diplomatic efforts led by the Trump administration to negotiate a peace settlement with Russia. While these talks have excluded Europe and Ukraine, they have raised concerns in European capitals, which fear that a US-Russia détente could undermine the continent’s security and energy independence. Trump has indicated that a peace deal would open the door for deeper economic cooperation with Moscow, potentially benefiting both countries economically.

In related developments, Russian leader Vladimir Putin has suggested that US companies are already exploring business opportunities in Russia should a peace agreement be reached.

In January, Nord Stream 2 AG, the Swiss-based company overseeing the pipeline, received an extension to delay bankruptcy proceedings, citing the "complex geopolitical affairs" surrounding the project. The company’s ties to Gazprom and the ongoing sanctions regime have made it difficult for the project to move forward.

Gazprom owns 100% of Nord Stream 2, though five European energy companies—Shell, Uniper, OMV, Engie, and Wintershall—contributed around half of the $11 billion construction costs through loans, all of which have been written off by the companies. The German government, in 2022, halted the licensing procedure for Nord Stream 2, preventing the pipeline from becoming operational.

The ownership and potential control of the pipeline by US investors would provide them with significant leverage over Russian gas exports to Europe, which is a critical market for US liquefied natural gas (LNG) exports. If successful, this deal could reshape the energy landscape, balancing US influence with Europe’s energy needs amid the ongoing conflict in Ukraine.

By Khagan Isayev