U.S. and Russian officials reportedly held discussions on several energy deals on the sidelines of negotiations aimed at achieving peace in Ukraine.
The American proposals were intended as incentives to encourage Russian cooperation and for the U.S. to ease certain sanctions on Russia.
Three sources indicated that Exxon Mobil might re-enter Russia’s Sakhalin-1 oil and gas project. Officials also discussed Russia potentially purchasing U.S. equipment for sanctioned LNG projects, including Arctic LNG 2. Another option considered was the U.S. acquiring Russian nuclear-powered icebreaker vessels.
The talks took place during U.S. envoy Steve Witkoff’s Moscow visit earlier this month, where he met President Vladimir Putin and investment envoy Kirill Dmitriev, but potential deals were also reportedly discussed at the Alaska summit on August 15th.
On the day of the Alaska summit, Putin signed a decree potentially enabling foreign investors, including Exxon Mobil, to reclaim their stakes in the Sakhalin-1 project, provided they take steps to support the removal of Western sanctions on Russia. Exxon exited Russia in 2022 after the Ukraine conflict began, taking a $4.6 billion write-down, and its 30% stake in Sakhalin-1 was seized by the Kremlin.
Meanwhile, Arctic LNG 2–majority owned by Novatek–resumed gas processing at reduced capacity in April despite ongoing sanctions.
Washington is reportedly promoting U.S. technology over Chinese alternatives as part of a broader strategy to influence Russian alliances.
