(Market Insider) – Russia has indicated readiness to cooperate with the United States in the energy sector, following last month’s summit between Russian President Vladimir Putin and U.S. President Donald Trump.
On September 17, Russian Deputy Foreign Minister Sergei Ryabkov said Moscow is prepared to expand discussions with Washington on energy collaboration, including the Sakhalin-1 project, according to RIA news agency.
Ryabkov added that Russia continues to maintain dialogue with the U.S. on a range of issues. “I can cite Sakhalin-1 as the clearest example of work already underway in this field,” he noted.
Sakhalin-1 and Exxon’s Return?
Last month, President Putin signed a decree that could allow foreign investors—including U.S. energy giant Exxon Mobil—to regain shares in the Sakhalin-1 oil and gas project.
The decree was issued on the same day Putin met Trump in Alaska at a summit where investment opportunities and business cooperation were on the agenda, alongside talks on achieving peace in Ukraine.
Previously, Exxon held a 30% operating stake in the lucrative Sakhalin-1 project and was the only non-Russian partner to withdraw. The company recorded a $4.6 billion loss after exiting Russia in response to Moscow’s military campaign in Ukraine.
Broader Geopolitical Context
Russia’s latest overture comes as the European Commission prepares to propose accelerated measures to phase out fossil fuel imports from Russia.
On September 10, U.S. Vice President JD Vance described joint projects with Russia as “one of the incentives” the Trump administration is considering in efforts to push for an end to the war in Ukraine.
“The President has been clear with both European and Russian officials that he sees no reason to isolate Russia economically—unless the conflict continues,” Vance said. He emphasized that Russia possesses vast natural resources and, “once the conflict is resolved through diplomacy and peace, the U.S. can have a very productive economic relationship with both Russia and Ukraine.”
Vance argued that shared economic growth could be “the best guarantee for lasting peace.”
Moscow’s Position
President Putin has previously underlined the economic potential between Russia and the U.S., reiterating that Moscow remains open to cooperation. He suggested that American companies could benefit from joint ventures if Washington “gives the green light.”
“One of our national symbols, the double-headed eagle, looks in both directions,” Putin remarked, referring to Russia’s coat of arms. “Do we turn our back on anyone? We do not. The eagle continues to look both ways, as it always has.”
Kirill Dmitriev, Putin’s aide on international economic affairs and a direct participant in U.S. talks, added that trilateral Arctic projects involving Russia, the U.S., and China could help ease geopolitical tensions among the three major powers.
