Leave for stream: Russia outlines conditions for future economic dialogue with the West

Energy security, prospects for restoring economic ties between Russia and Europe, and continued dialogue with the United States were the central topics of the first day of the XIX Verona Eurasian Economic Forum. Representatives of business and expert circles from 40 countries gathered at the Chiragan Palace in Istanbul. They discussed the impact of the changing geopolitical environment on international trade, energy, and investment. There were also loud statements. Kirill Dmitriev, the special Representative of the President of the Russian Federation, did not rule out the possibility of restoring the Nord Stream and Nord Stream–2 gas pipelines, and representatives of American business allowed the conclusion of new deals between Russia and the United States following the agreement on the supply of diesel fuel.

Which topics have become the most prominent on the forum

For the second time, the Chiragan Palace hosted more than a thousand guests from 40 countries in Europe and Asia. On October 22, the XIX Verona Eurasian Economic Forum opened here. For the first time in its 19-year history, representatives of the United States also took part in the event. Its theme is "The Challenges of a changing World and a changing Economy," and its motto is "The Art of Innovation." The forum is organized by the Let's Explore Eurasia Association, headed by Professor Antonio Fallico, with the support of Roscongress and Turkish partners.

The choice of Turkey as the forum's venue for the second year in a row is no coincidence. The country's location at the intersection of European and Asian trade routes makes it an important participant in discussions about transport infrastructure, logistics, and international trade. For Ankara, the development of such ties is an opportunity to strengthen its position in the regional economy, and for partners to use alternative routes for the delivery of goods and energy resources.

In his speech, Antonio Fallico explained the symbolic meaning of the forum's venue: Istanbul is a city that literally "stitches together" continents.

— The return of the Verona Eurasian Economic Forum to Istanbul is a very positive sign. This is truly an ideal meeting place for various participants in our rapidly changing world," he said.

According to him, the forum is open to everyone, without a shadow of discrimination or bias, regardless of geopolitical or ideological views.

One of the main events of the first day of the forum was a speech by Kirill Dmitriev, Special Representative of the President of Russia for Investment and Economic Cooperation with Foreign countries, Head of the Russian Direct Investment Fund (RDIF). His statements focused on the energy situation in Europe, the prospects for Russian-American contacts, and the possibility of returning to pragmatic economic cooperation with Western countries. Despite political differences, energy and trade remain areas of overlapping interests between States.

As the speaker noted, European countries continue to purchase Russian energy resources, despite political contradictions and changes in the energy market.

"Let's not forget that Europe is buying Russian gas and Russian energy right now,— Kirill Dmitriev said.

According to him, gas prices in Europe have increased by 140% over the past year, and the European energy sector is experiencing a deep crisis. Energy difficulties may worsen, and high costs are becoming a serious problem for European companies and the public.

"Europe is trying to hope for a way out of this fuel crisis, but Europe has one answer — it is a partnership with Russia in the energy sector," Kirill Dmitriev said.

According to him, the restoration of economic contacts with European countries is inevitable in the future. On the one hand, the cost of energy resources directly affects the competitiveness of industry, the costs of enterprises and prices for consumers. On the other hand, decisions on procurement, infrastructure development, and the choice of supply sources depend not only on market conditions, but also on political commitments, sanctions restrictions, and a long—term energy security strategy.

Therefore, the possible restoration of cooperation will require not only mutual economic interest, but also specific agreements between companies and states.

The special Representative of the president also did not rule out the resumption of the work of the Nord Streams. According to him, the Nord Stream and Nord Stream –2 gas pipelines may start operating again in the future.

As the head of the American Chamber of Commerce, Robert Agee, told Izvestia, this requires the consent of Germany, which is not yet available, as well as the official approval of the American side.

"This issue is under negotiation," he said.

Gazprom: German authorities demand a report on the investigation of the Nord Stream explosion

Why are supporters of Ukraine afraid of the results of the trial of the first accused

Moscow and Washington are betting on dialogue

It was the development of contacts between Russia and the United States that became another important topic of the forum. Kirill Dmitriev said that Moscow and Washington had agreed to continue the dialogue following a meeting between Russian President Vladimir Putin and US Special Envoy Steve Witkoff in St. Petersburg on the eve of the meeting.

"We have made very important decisions, and the main decision is to continue to communicate, especially on the conflict between Ukraine and Russia," he said.

According to Dmitriev, the negotiations were constructive. "It was a wonderful dialogue," he described the meeting.

The head of the Russian Direct Investment Fund also linked the development of bilateral contacts with the prospects for economic cooperation between the two countries. In particular, he commented on the agreement on the supply of Russian diesel fuel to the United States, noting its potential impact on global markets.

"We believe that this will allow us to significantly improve our market position, and we also see that this is the development of a fundamental dialogue and communication with the United States," Kirill Dmitriev said.

At the same time, the announced prospects should not be interpreted as evidence of a full-fledged normalization of economic relations. Continuing negotiations does not in itself mean lifting restrictions, concluding new large-scale trade contracts, or reaching agreements on all controversial issues. For businesses, the importance of such contacts lies primarily in the ability to reduce uncertainty and assess the prospects for further cooperation.

However, according to Robert Agee, one of the first areas of cooperation between Russia and the United States may be the construction of data centers. In addition to the already concluded diesel deal, two more Russian-American projects may be launched by the end of the year.

Kirill Dmitriev, in turn, noted that European countries, watching the deals between Russia and the United States, would not want to stay on the sidelines. He called on representatives of European businesses to actively defend their economic interests in dialogue with national authorities.

— I would suggest that European business leaders put a little pressure on their bureaucrats. Because American businessmen had access to the Russian market," he said.

This statement reflects the position of the Russian side, which is interested in restoring business ties. However, the return of foreign companies to the Russian market remains an issue that must be addressed separately on a case-by-case basis. As Robert Agee explained to Izvestia, none of the business representatives seek to leave the Russian Federation. As for the return to the Russian market, everyone is waiting for a signal from the White House.

Despite the fact that decisions at the highest level have not yet been made, business contacts continue. According to Kirill Dmitriev, a business forum with the participation of representatives from Russia, Germany and the United States may be held as early as the second quarter of 2027. He clarified that more than 20 requests for participation in the event had been received from German businesses.

"I am sure that we will have a forum with Alternative for Germany and the Americans where we will discuss pragmatic solutions in the field of energy," he said.

According to him, in December, representatives of the party will come to Moscow to discuss this issue.

Pipeline situation: damage to Germany from the explosion of the Nord Streams exceeds 160 billion euros

While Berlin is hiding the results of the sabotage investigation, the Russian Foreign Ministry is preparing an appeal to the UN International Court of Justice in the case of terrorist attacks.

From statements to concrete decisions

In order to normalize relations with the United States and Western Europe, it is necessary to lift all sanctions from Russia, Russian Deputy Foreign Minister Alexander Grushko said.

— We can go to the USA from a low start, forget this story (with sanctions. — Ed.). But in order to forget it, it is necessary that both the United States and Western Europe lift absolutely all sanctions. It is impossible to develop relations if we walk through a minefield and do not know where it will explode and where these sanctions will be applied," he said.

The diplomat recalled that the publicly restrictive measures were justified not by the desire to punish the Russian people, but by the need to "encourage Russia to change its policy."

According to him, in 2013, even before the commissioning of the Nord Streams, the volume of trade between Russia and the European Union amounted to $413 billion. In 2025, this figure dropped to $50 billion. If a complete ban on Russian gas supplies comes into force on January 1, 2027, the volume of trade may "generally approach zero," Alexander Grushko added.

The first day of the forum showed that energy remains one of the most sensitive areas of international economic relations. Russia indicates its interest in restoring cooperation with European countries, as well as in developing contacts with the United States and Turkey.

— I would single out an attempt to bring the issue of economic benefits back into the discussion of energy: how much fuel costs the buyer and how much the supplier earns in the end. However, it is important not to confuse commercial interest with political decisions," Igor Rastorguev, a leading analyst at Amarkets, told Izvestia.

According to him, the main criterion for Russia is the profitability of exports, not just the volume of supplies. If shipments are accompanied by significant discounts, high logistical costs, and complex calculations, maintaining volumes does not necessarily mean maintaining revenue. Therefore, agreements that make deliveries and payments more predictable are of practical value, the expert believes.

In turn, Alexander Frolov, deputy director of the MGIMO MIEP and editor-in-chief of the Infotech portal, believes that without a radical change in the EU's political course, the situation will remain the same. According to him, it is not enough to change the leadership of the European Commission for this.

— The only thing that can theoretically be expected from the EC in the coming months is the suspension of the ban on the import of Russian LNG. But this can only happen if the crisis during the heating period begins to affect the energy security of individual EU countries or the entire European Union," the expert noted.

However, the likelihood of such a development should not be overestimated, Frolov concluded.