The United States has dangled economic cooperation incentives to draw Russian President Vladimir Putin to the negotiating table to end the war in Ukraine.

The Financial Times (FT) reported locally today (the 28th) that the US and Russia are discussing plans for American oil companies to re-enter the Russian market as part of Ukraine peace negotiations.

The core of the discussion is that US and Russian oil companies would resume joint ventures off Sakhalin Island in the Russian Far East after the war ends.

Also discussed was the participation of US oil companies in resuming European exports of Russian crude oil via the Druzhba pipeline connecting Russia and Europe.

Additionally, plans to resume European supplies of Russian gas using the Nord Stream pipeline, which was largely destroyed by explosions in 2022, were included in the discussion topics.

A proposal was also presented to hand over the operational rights of the Russian-occupied Zaporizhzhia Nuclear Power Plant in Ukraine to the US side, and then distribute the generated electricity to both Ukraine and Russia.

It was reported that US President Trump's special envoy, Steve Witkoff, met with President Putin in St. Petersburg in early September to discuss these proposals.

A US government official explained, "The Trump administration has discussed economic proposals with both parties to the conflict."

They added that post-war investment and growth plans were discussed with Ukraine, while possibilities for economic cooperation were discussed with Russia.

However, US government officials emphasized that related projects can only be pursued after the war ends.

There are also considerable skepticisms regarding the bilateral economic cooperation plans.

This is because President Putin maintains a hardline stance in peace negotiations, and American companies are also showing a cautious attitude toward re-entering the Russian market.

ExxonMobil, the US oil company that previously participated in the Sakhalin project, is negotiating compensation for the 30 percent stake confiscated by Russia, but has stated it has no plans to resume business in Russia.

European countries are also opposed to easing sanctions against Russia or resuming economic cooperation before the war ends.

Expressing skepticism over whether economic incentives alone can lead President Putin to end the war, a European diplomat said, "This issue is not about money, but about humiliation and control."

Meanwhile, aside from joint oil ventures, the US and Russia are reportedly discussing the resumption of Russian airspace passage for US airlines and cooperation on the production and supply of aerospace titanium.

Also being discussed are selling overseas assets of the Russian oil company Lukoil to US investors, or having the Russian energy company Novatek participate in an Alaska liquefied natural gas (LNG) project.

(Photo: AP, Yonhap News)