Washington and Moscow have explored postwar business ventures, including US Russia oil deals, as a way to pull Vladimir Putin toward ending his war in Ukraine. That is the account in an October 27, 2026 Financial Times story built on people familiar with the matter; a US official told the paper “nothing is finalised.”
Where it stands: As of October 28, nothing had been signed. The official’s words to the FT were: “Economic agreements would be included in and subject to a comprehensive peace framework that stops the killing in this brutal war; nothing is finalised.” As of October 28, no public reaction to the report from the White House press office, Kyiv or the EU had been reported.
The companies and officials named in the story mostly stayed silent. ExxonMobil did not immediately respond; the FT recalled that Exxon said last year it was negotiating compensation for its seized 30 per cent stake in Sakhalin-1 and had no plans to resume operations in Russia. Boeing declined to comment. Dmitry Peskov, the Kremlin’s spokesman, did not reply, and a spokesperson for Kirill Dmitriev would not comment.
What did the FT report about US Russia oil deals?
The FT said officials on both sides have discussed letting American oil majors back into Russia after the fighting stops, as one piece of a broader package meant to give Putin reasons to negotiate. Two ideas lead the list: restarting a US-Russian joint venture off the island of Sakhalin in Russia’s Far East, and giving US majors a role in resumed sales of Russian crude to Europe through the Druzhba pipeline.
The conditions matter as much as the ideas. According to the FT, “US officials have repeatedly stated the ventures would not happen until the war was over.” Two of the paper’s sources said Moscow views the ventures as incentives for Trump to restore normal ties while fighting continues.
The FT also said the proposals were discussed “without direct Ukrainian or European participation,” and that many “face long odds” because of Putin’s stance and corporate caution. The list rests on the FT’s unnamed sources. The Telegraph relayed the report, attributing it to the FT; we found no other outlet that had independently confirmed the full set of proposals as of Oct. 28.
Which proposals were on the list?
Nine separate ventures appear in the FT’s account, spanning oil, gas, aviation, metals, fertiliser and nuclear power. None is described as agreed. The table sets out each one as reported, with the response or legal status we could find.
| Proposal | What the FT reported | Response or status |
|---|---|---|
| Sakhalin-1 | Restart a US-Russian venture off the Far East island after the fighting | Exxon said last year it had no plans to go back; no immediate reply |
| Druzhba pipeline | Bring US majors into resumed Russian crude sales to Europe | No company named |
| Russian airspace | Restore transit and overflight access for US airlines | No airline response reported |
| Titanium | Restart US-Russian work on producing and supplying the metal | Boeing declined to comment |
| Lukoil | Sell Lukoil’s foreign assets to investors the FT calls White House-connected | Treasury permits talks only, not a closing |
| Alaska LNG | A proposed Alaska gas export project with Novatek involved | No response reported |
| Nord Stream | Send gas to Europe through the surviving pipeline | Merz has ruled out reviving Nord Stream 2 |
| Potash | Ease fertiliser sanctions and ship via Baltic ports | Needs the EU to lift its own sanctions |
| Zaporizhzhia plant | A US entity runs it and divides the power between Kyiv and Moscow | Plant sits in Russian-occupied Ukraine |
The paper said the current talks build on proposals that Steve Witkoff and Jared Kushner discussed with Dmitriev during peace-plan talks late last year. Dmitriev himself put the value of potential joint projects at more than $14 trillion in February, a figure he tied to Washington lifting sanctions. It is his own estimate, not an independent valuation; our fact check of the $14 trillion claim sets it against Russia’s economy and trade data.
What steps has the US already taken toward Moscow?
Three moves have already happened, according to the FT: a deal to import Russian diesel, a pause on new sanctions aimed at Russian energy exports, and pressure on Ukraine to halt drone attacks on Russian refineries.
Trump announced the diesel arrangement on Oct. 9 in a Truth Social post that followed what he called a “highly successful discussion” with Putin. A week later, Executive Order 14436, dated October 16, 2026, waived the new tariffs and sanctions the Graham Act would have required. ABC News noted that the order “does not affect existing sanctions imposed previously by executive order.” In other words, new penalties were paused; the existing sanctions on Russia were not lifted.
Where did Witkoff discuss the deals with Putin?
The FT body places a business-deals conversation at a St Petersburg meeting “in early September” and the “Business Deals” notepad at a Moscow visit last week. Other outlets reverse those venues.
ABC News dated the September meeting to the Kremlin in Moscow, “September 5, 2026.” Al Jazeera reported that Witkoff met Putin at the Constantine Palace in Saint Petersburg on Wednesday, Oct. 21, with Kushner joining virtually. The FT’s own photo caption shows Witkoff with Putin “in Saint Petersburg last week.” We explain the discrepancy, and what the notepad shows, in our report on Witkoff and the “Business Deals” note.
How have Europe and the skeptics responded?
European diplomats have repeatedly drawn a line, according to the paper: no relief and no commerce with Moscow until the war is over, and decisions touching EU interests “cannot be taken without Europe’s approval.”
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One European diplomat dismissed the idea that money would move Putin: “It’s not about money,” they said. “It’s about humiliation and control.” Earlier in October, after the diesel move, EU foreign policy chief Kaja Kallas wrote: “This is not the time to ease pressure on Russia, and Europe won’t.” That statement predates the FT report. Our piece on why Europe objects covers the EU’s legal levers.
Skeptics quoted by the FT were blunt. A former Trump administration official said: “None of this ever had a chance of becoming real.” Geoffrey Pyatt, who held the State Department’s top energy-resources post in the Biden years, said: “I can’t see any of it lasting contact with the real world.” A day earlier, MS NOW reported that current and former officials and analysts believe Trump’s team has “vastly overestimated the business opportunities for American companies in Russia.”
What would have to happen before any of these deals?
By the US government’s own account, the war would have to end first, and a thick layer of American and European sanctions would have to be unwound. MS NOW summarized the task this way: “Undoing the tens of thousands of restrictions imposed by the U.S. and Europe since 2014 and especially after 2022 will be extremely complicated.”
The oil ideas run straight into existing designations. Treasury blacklisted Rosneft and Lukoil on Oct. 22, 2025, describing them as “Russia’s two largest oil companies.” On Lukoil’s foreign assets, OFAC’s current General License 131K allows negotiations through November 21, 2026, but only if performance of any contract is “made expressly contingent upon the receipt of separate authorization” from the agency. Potash relief would also require the EU to lift sanctions, the FT noted.
Several of the ideas echo the economic clauses of last year’s draft peace framework, which we break down in the 28-point plan’s business provisions. The next test is diplomatic. The FT said Washington hopes to make headway when Ukrainian, Russian and US negotiators meet in Abu Dhabi in November, their first three-way round since February. Our guide to the Abu Dhabi talks tracks the timing.
Frequently Asked Questions
Has the US agreed to any oil deals with Russia?
No. A US official told the FT that nothing is finalised, and that economic terms would only come as part of an overall peace settlement. As of October 28, nothing had been signed.
Is ExxonMobil going back to Russia?
Last year Exxon said it did not intend to restart work in Russia and that its talks with Moscow concerned compensation for its seized 30 per cent Sakhalin-1 stake. It did not immediately respond to the FT about the new report.
Were Ukraine and Europe involved in these talks?
According to the FT, Kyiv and European governments did not take part directly; the ideas came up between Washington and Moscow. European diplomats have said decisions affecting EU interests cannot be taken without Europe.
Have US sanctions on Russia been lifted?
No. The October 16 executive order waived the new sanctions and tariffs required by the Graham Act, and a separate license allows Russian diesel sales. Sanctions imposed earlier by executive order remain in place, ABC News reported.
What did the FT say about Lukoil?
The FT reported that the US and Russia discussed a sale of Lukoil international assets to White House-connected investors. Treasury currently allows sale negotiations, but any closing requires separate OFAC approval.
Sources
- Washington discusses Russian deals for US oil majors in Ukraine peace talks — Financial Times, October 27, 2026
- Russia publicly pitches $14 trillion economic deal to Trump tied to lifting US sanctions — The Kyiv Independent, February 19, 2026
- White House weighs up major Russian oil deal to break Ukraine deadlock — The Telegraph (via Yahoo News), October 2026
- Witkoff, Kushner meet with Putin to discuss Ukraine war — ABC News, September 6, 2026
- What happened during Witkoff and Kushner’s latest meeting with Putin — Al Jazeera, October 21, 2026
- Trump-Putin diesel deal contradicts Russia sanctions law, critics say — CNBC, October 9, 2026
- Implementing the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 — The White House, October 16, 2026
- Trump signs order waiving Graham Act sanctions on Russia, drawing backlash from some lawmakers and Zelenskyy — ABC News, October 17, 2026
- EU says lifting diesel sanctions gives Russia ‘revenues to wage war’ — AFP (via Arab News), October 10, 2026
- Trump wants U.S. investment in Russia. It could be a trap. — MS NOW, October 26, 2026
- Treasury Sanctions Major Russian Oil Companies — U.S. Department of the Treasury, October 22, 2025
- General License No. 131K — Office of Foreign Assets Control, U.S. Treasury, October 21, 2026
This article is news reporting and analysis based on the public sources listed above, as they stood on the dates shown. Where officials, lawmakers or analysts disagree, including on whether an action is lawful, their positions are attributed to them; Donald Trump Class Action is not a court and nothing here is legal advice. Facts in a developing story can change.