As talks between the U.S. and Russia over a potential peace deal for Ukraine dominate headlines—and reports continue to surface about interest from both Washington and Moscow in restarting the Nord Stream 2 pipeline – Ukrainian Campaign Group Razom We Stand warns in new research that restarting Russian gas pipeline imports to Europe would pour billions of euros into the Kremlin’s war chest, prolonging Russia’s cruelty against Ukraine and undermining European security.
Recent news reports indicate that:
- The U.S. and Nord Stream 2 owners have discussed reopening the pipeline, with U.S. investors expressing interest in the project.
- Industry groups, local governments, and trade unions in Germany have called for the restart of Russian gas pipeline imports.
- European gas prices have already started to decline in anticipation of possible pipeline restarts.
“Restarting Russian gas pipelines is a direct betrayal of Ukraine and a dangerous step backwards for Europe,” said Svitlana Romanko, Founder and Executive Director of Razom We Stand. “These pipelines would funnel billions of euros into Putin’s war machine, funding weapons that continue to slaughter innocent civilians. Western leaders must reject any move to reopen Russian energy pipelines and instead double down on full sanctions that will cripple Russia’s fossil fuel revenues. Europe cannot afford to reverse its progress toward energy independence and security. A full embargo on Russian fossil fuels—LNG, pipeline gas, and oil—is the only way to cut off Putin’s war financing and secure lasting peace in Ukraine.”
Reopening Pipelines = Billions for Putin
Three major Russian gas pipelines to Europe could be reopened under a proposed deal:
| Pipeline | Capacity (bcm) |
| Nord Stream 2 | 27.5 |
| Yamal | 32.9 |
| Ukraine | 41.9 |
| Total | 102.3 |
In 2023, the EU imported just 43 bcm of Russian gas. If these pipelines resume operations, imports could soar to 145 bcm annually, approaching the 150 bcm imported before Russia’s full-scale invasion in 2021.
€4.7 Billion in Additional War Funding for Russia
Based on projected European gas prices of €39/MWh for the 12 months from July 2025, Gazprom would earn €39 billion annually from full-capacity pipeline operations.
With the Russian government taking an average 12.27% share of Gazprom’s revenue through income taxes and dividends, restarting the pipelines would add an estimated €4.7 billion per year directly into the Kremlin’s coffers. The corporate tax rate is expected to rise from 20% to 25% in 2025, offering possibilities for further state income from Gazprom.
Military Implications: What €4.7 Billion Buys for Russia
If these revenues are redirected to Russia’s war machine, they could fund:
- 5.1 million 152mm artillery shells
- 104,794 Shahed-136/131 drones
- 1,711 Iskander-M ballistic missiles
- 1,141 T-90 tanks
- 60 Sukhoi Su-35 fighter jets
A Clear Threat to European Security
Allowing Russian gas pipelines to restart would undermine three years of progress in reducing Europe’s energy dependence on Russia and expose the continent to renewed geopolitical vulnerability. It would also weaken the impact of Western sanctions that have sought to limit Russia’s ability to wage war.
ENDS
Notes:
You can view the full report here
Further findings and sources available on request.
Razom We Stand is a Ukrainian campaign group active internationally. It calls for a total and permanent embargo on Russian fossil fuels and an immediate end to all investment in Russian oil and gas companies by phasing out fossil fuels globally.
Svitlana Romanko has appeared in the top-tier international press, including Bloomberg, Washington Post, CNN, NBC, Newsweek, Politico, The Hill, Rolling Stone, Financial Times, The Guardian, Der Spiegel, Le Monde and more.
