Russia exploring possibility of Arctic gas work with US partners: Putin

Russia is exploring the possibility of collaborating on natural gas developments in the Arctic with US partners, President Vladimir Putin said Oct. 27.

"In the Arctic, which I mentioned, we are actively working with many countries around the world and are interested in working together," Putin said at the plenary session of the Gas Exporting Countries Forum summit in Moscow.

He went on to say: "We are currently exploring the possibility of working together with American partners."

Putin did not elaborate on the scope of such potential collaboration.

The comments come amid signs of deepening ties between US President Donald Trump and his Russian counterpart.

Trump recently loosened US restrictions on Russian energy flows, including via a recent deal for Russian diesel, in a bid to tame soaring domestic fuel prices.

Global LNG prices are at multi-year highs, with the US-Israel war with Iran entering its ninth month.

Platts, part of S&P Global Energy, assessed the JKM benchmark for LNG delivered into Northeast Asia at $32.686/million British thermal units on Oct. 27. The index is around its highest point since December 2022.

'Moscow Declaration'

All the heads of government assembled in the Russian capital for the GECF summit also released the so-called "Moscow Declaration" on Oct. 27, according to the Kremlin website.

The leaders called for several broad actions, including adhering to "technological neutrality", deepening cooperation between GECF member countries, and diversifying trade routes for gas and LNG, according to the text released by the Kremlin.

They also voiced common interest to "establish response mechanisms for gas market crises, including enhanced high-level consultations to assess the impact of exogenous shocks, safeguard reliable gas supply, and develop effective instruments to support energy security."

The governments further expressed concern over "the adverse impact of geopolitical developments," including "disruptions to gas supplies, heightened uncertainty over the security of gas supply and demand, increased investment risks and significant gas price volatility."

The heads of state rejected the "extraterritorial application of national and regional legal frameworks and the imposition of unilateral coercive measures unauthorized by the United Nations."

They also voiced a "profound concern about the impact of tariff-based measures that may hinder market efficiency, secure energy supplies and investment flows."