The issue of a possible restoration of the Nord Stream 1 and Nord Stream 2 pipelines, which were damaged in 2022, is gaining relevance in the context of complex geopolitical and economic developments. Reports in the media about alleged negotiations between the United States and Russia on this matter have sparked discussions among experts and political elites. However, the question remains as to what interests various parties may pursue and how the potential reactivation of the pipelines would affect Europe’s energy landscape.
Despite the lack of official confirmation from Russian and U.S. authorities, the dissemination of information about possible discussions on the fate of Nord Stream indicates an ongoing reassessment of energy strategies in Europe. The restoration of the pipeline, even partially, would require an easing of sanctions against Russia, which, in turn, could become a subject of political negotiations linked to the Ukrainian crisis.
There are speculations that one of the discussed possibilities involves attracting American investments to restore one of the two lines of Nord Stream 2. However, it remains unclear under what conditions such an agreement would be beneficial for the United States, considering its strong promotion of liquefied natural gas (LNG) exports to Europe.
As the world’s leading LNG exporter, the United States has a strategic interest in maintaining European demand for its gas. The resumption of Nord Stream’s operations could potentially lower gas prices in the region, thereby reducing the competitive advantage of American LNG. At the same time, control over the pipeline’s functioning could serve as a tool of influence over the European energy market.
European countries, particularly Germany, are grappling with the consequences of the halt in Russian pipeline gas supplies, reflected in rising energy prices, declining industrial competitiveness, and increased household expenses. Germany’s chemical and metallurgical industries have been particularly affected by the lack of affordable natural gas, leading to production cuts and reduced economic activity.
The situation is further complicated by structural changes in Europe’s energy market. Hungary and Slovakia continue to receive Russian gas via Turkey, while Azerbaijan is strengthening its role in supplying European nations. However, for most European countries, LNG imports from the U.S. and Qatar remain the primary sources, albeit at significant financial costs.
Despite official rhetoric about supply diversification, actual data indicate an increase in Russian LNG imports to Europe. According to a report by Kpler, in the first two weeks of 2025 alone, the EU imported 837,300 metric tons of Russian LNG, exceeding the figures for the same period in 2024.
This situation raises questions about the EU’s real energy strategy and its degree of independence from Russian energy resources. At the same time, political divisions within Europe are intensifying: amid the rise of far-right movements and Germany’s economic crisis, voices supporting a revision of energy policy—including the potential restoration of pipeline supplies—are becoming more prominent.
Thus, the prospects for restoring Nord Stream remain uncertain and depend on multiple factors, including geopolitical agreements, economic conditions, and internal European dynamics. Despite the formal imposition of sanctions, Russian gas continues to enter the European market through various channels, highlighting the complexity and multi-layered nature of the EU’s energy policy. Should discussions on the pipeline’s restoration materialize, key issues will include the terms of the deal, its economic feasibility, and the strategic implications for all involved parties.
