The US and Russia are discussing a possible return of American oil companies to the Russian market as part of negotiations to end Moscow’s war against Ukraine, the Financial Times (FT) reported.
Proposals include reviving joint production off Sakhalin and involving US oil companies in restoring Russian crude exports to Europe through the Druzhba pipeline, the newspaper reported.
Other ideas include resuming Russian titanium exports to the US and reopening Russian airspace to American airlines to reduce fuel costs.
No final decisions have been made.
The proposals would expand an economic dialogue that has continued alongside efforts to revive peace negotiations.
The Kremlin confirmed talks over Lukoil following Putin’s Oct. 21 meeting with US special envoy Steve Witkoff in St. Petersburg.
Kremlin foreign policy aide Yuri Ushakov said the two governments were reviewing numerous commercial projects, including the future of the sanctioned oil company’s overseas holdings.
The portfolio, initially valued at approximately $22 billion, includes oil production interests, refineries, and fuel distribution businesses across Europe, the Middle East, Africa, and Central Asia.
Lukoil put the assets up for sale after Washington imposed sanctions on the company in October 2025.
The US Treasury subsequently extended authorization for negotiations over their sale until Nov. 21. That permission allows due diligence and conditional purchase agreements – completing a transaction would require separate US approval.
