US President Donald Trump is preparing to broker major business deals with Russia to bring an end to the Ukraine war. According to a report by the Financial Times, discussions are underway between the United States and Russia to resume the oil trade, while these proposals include the return of American companies to Russia's oil industry and selling Russian oil back to Europe. Both countries may also collaborate in other industries. However, these agreements will only come into effect after the war ends, while the Ukraine war has now entered its fifth year. Through these agreements, Trump wants to persuade Russian President Vladimir Putin to agree to a peace deal. However, growing business ties between the US and Russia could anger Ukraine, partly due to Ukraine's ongoing drone attacks on Russian oil and energy facilities.
Preparations to restart Sakhalin oil project and pipeline
According to the report, two major proposals have been discussed between the US and Russia. First, restarting the joint offshore oil project near Sakhalin in Russia's Far East. Second, sending Russian oil back to Europe via the Druzhba pipeline. Trump's special envoy, Steve Witkoff, discussed these agreements during a meeting with Putin in early September. Witkoff was previously a real estate businessman. Leaders from both the Democratic and Republican parties in the US have criticized him, accusing Witkoff of being too soft on Putin.
The US hopes that peace talks will take place between officials from Russia, Ukraine, and the US in Abu Dhabi next month. According to the report, this will be the first such meeting between the three countries since February. US officials say the business agreements will be part of the peace plan and will only be implemented after the war ends.
Questions over ExxonMobil return and other business proposals
ExxonMobil, the only US company involved in the Sakhalin oil project, stated last year that it had no plans to resume operations in Russia. It remains unclear whether the company has changed its decision, while apart from oil, discussions are also underway for cooperation between the US and Russia in titanium production, a metal used in aircraft manufacturing. Talks have also been held on allowing US airlines to fly through Russian airspace again, which could reduce fuel costs on certain flight routes.
Rising tensions in relations between Zelenskyy and Trump
Following its attack on Ukraine in 2022, Russia has faced Western sanctions. After Trump's reelection, Russia wants to expand business ties with the US. Earlier this month, Trump approved an agreement to buy thousands of barrels of diesel from Russia, angering Ukraine and European allies, while the US has also paused plans to place new restrictions on Russia's energy exports and has pressured Ukraine to stop attacks on Russian oil refineries.
Ukraine has refused to halt its long-range drone attacks on Russia. Meanwhile, concerns persist regarding restrictions on US intelligence sharing with Ukraine and its access to Starlink services, further straining relations between Trump and Ukrainian President Volodymyr Zelenskyy.
European leaders conversation with Putin
On the other hand, Finnish President Alexander Stubb and Norwegian Prime Minister Jonas Gahr Store spoke with Putin on the phone for 90 minutes on Tuesday. Both leaders emphasized stopping the war, reducing tensions, and supporting Ukraine. Meanwhile, according to the Kremlin, Putin blamed the confrontational policies of Ukraine's allied countries for prolonging the war.