Witkoff floats Russian energy transit through Ukraine and business deals for US oil majors in peace talks

Steve Witkoff, President Donald Trump’s special envoy, discussed potential business deals with Russian President Vladimir Putin during a meeting in St Petersburg¹. The discussions covered possible Russian deals for US oil majors as part of the Ukraine peace talks¹.

Witkoff also proposed restoring the transit of Russian oil and gas through Ukraine as part of a postwar economic plan, in talks with Budanov³. Witkoff and Jared Kushner discussed the possibility of resuming Russian oil and gas supplies to Europe via that route⁴. The proposal was framed as a “regional prosperity plan”².

Budanov was angered by the proposal to resume Russian gas transit^2,4.

Why it matters to investors

The talks put commercial energy arrangements at the centre of the US approach to ending the war. Potential business deals for US oil majors were discussed directly with Putin¹, which would give American energy companies a stake in the outcome of the peace process.

Restoring Russian oil and gas transit through Ukraine³ would reopen a supply route for Russian oil and gas to Europe⁴. That would bear on European energy supply and on the companies that trade in those flows, if the proposal advanced.

The proposals face resistance. Budanov’s anger at the gas-transit idea² shows that the plan has not been accepted by the Ukrainian side of the talks in which it was raised³. European defence ministers have separately warned that Putin is not looking for peace⁵, which casts doubt on how far an economic track can advance.

Witkoff said last week that he would offer Putin direct talks with Trump and Ukraine’s leader⁵. The business proposals¹ appear alongside that diplomatic offer as part of the same push, with Kushner also involved in the energy discussions⁴.

What to watch

The first marker is whether the “regional prosperity plan”² is set out in writing, and whether it names specific companies or projects for US oil majors in Russia¹.

The second is Kyiv’s formal response. Budanov’s reaction^2,4 suggests resistance, but the outcome depends on whether energy transit becomes part of a wider settlement³.

The third is the European reaction. Defence ministers’ warnings about Putin’s intentions⁵ signal that a deal restoring Russian oil and gas supplies to Europe⁴ would face scrutiny from European governments, whose views on the talks have so far focused on whether Russia wants peace at all⁵.