People familiar with the discussions told Reuters that senior US and Russian officials have considered bringing American investors into the Nord Stream pipeline network, which previously transported Russian natural gas to Germany.

The talks are linked to a broader argument that commercial cooperation could help create economic incentives for peace. US Special Envoy Jared Kushner and Russian official Kirill Dmitriev have discussed potential investment arrangements as Washington explores ways to encourage a settlement between Russia and Ukraine.

Any agreement would face major political and legal obstacles. Nord Stream remains subject to US and European sanctions, meaning a restart would require significant changes to existing restrictions.

Germany and other European governments are also expected to resist a return to dependence on Russian energy. European countries have spent billions strengthening their military capabilities since Russia invaded Ukraine and remain concerned about Moscow's long-term strategic intentions.

The prospect of restoring Russian gas supplies nevertheless illustrates how Europe's energy security has become intertwined with wider geopolitical negotiations.

Before the war, Russian gas played a major role in Europe's energy system. The subsequent reduction in Russian supplies forced European governments to seek alternative sources, expand liquefied natural gas imports and accelerate investment in renewable energy and other forms of infrastructure.

A renewed flow through Nord Stream could potentially lower energy costs for European consumers and industry, but it could also revive concerns about strategic dependence on Russia.

The discussions also come as global energy markets face renewed disruption elsewhere. Attacks on shipping around the Gulf and Strait of Hormuz have pushed oil prices above $100 a barrel, increasing pressure on energy-importing economies.

For Washington and Moscow, an energy agreement could offer commercial benefits while providing another channel for diplomatic engagement. For Europe, however, the proposal could expose divisions over how much economic cooperation with Russia should be permitted while the security consequences of the Ukraine war remain unresolved.

The discussions remain exploratory, and sources cited by Reuters said a deal was unlikely in the medium term.