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US oil manufacturers will not rush back to Russia after any peace agreement between Moscow and Kyiv because they have been badly burned in the past, according to Shale Harold Hamm magnat.
The prominent founder and donor of continental resources for Donald Trump’s election campaign told Financial Times that Russia had been a difficult place to work for decades and he was thankful that he had not followed others who plowed money in third place large oil in the world.
“Many people lost a lot of money there. I think they will be too restrained to love to come back. Once at a time, peace bursts there, but not too often, ”Hamm said in an interview.
The start of talks between the US and Russian officials this week sparked speculation that US companies could return to Russia if a peace deal could be agreed and the sanctions are calm in Moscow. Russian officials specifically flags the potential for joint investment in hydrocarbons by US and Russian companies, including in the Arctic.
“We know there are US oil companies wanting to return to Russia,” said Kirill Dmitriev, head of the Russian sovereign fund, who followed talks with US officials in Riyadh.
Exxonmobil and Chevron, the two largest US oil companies, refused to comment.
Exxon has a long history to invest in Russia, but has withdrawn after the establishment of Western sanctions after Moscow’s occupation in Crimea in 2014 and its full -scale occupation of Ukraine in 2022.
The company withdrew the plug into a joint venture with Rosneft’s oil company to explore the Arctic waters in 2018. Four years later Exxon received a $ 3.4 billion damage fee when it wrote its shares in the oil project Sakhalin- 1 in the remote north of Russia in northern Russia -Teast
Other Western companies were hit more. The BP reported a nearly $ 25 billion written with its shares in Rosneft and other businesses while Shell made a $ 5 billion written on its Russian assets in 2022.
Most analysts agree with HAMM that the US oil diploma will think long and difficult before investing in following any peace agreement due to geopolitical risks and opportunities elsewhere.
“Political dangers remain high in the sky-the seizure of sanctions can be returned with a change of American administration. Companies will not rush back into a market where the rules are moved overnight, ”said Tatiana Mitrova, a research at the Columbia University Global Energy Policy Center.
Hamm, who co -ordinated funding between oil and gas interests during the Trump’s election campaign worth at least $ 75 million, said the president had a major decision to make whether to raise sanctions.
“They can be very effective. Particularly with secondary sanctions, which apply to anyone who transports or obtained or trades, ”he said.
Hamm said that liquid natural gas exports to the US will continue to play a critical role in ensuring energy security in Europe. Europe may depend on the US, despite the tensions on Ukraine, he said, adding that the continent’s leaders would be “meaningless” if they returned to rely on the Russian tube gas.
“Europe, those countries are allies and we have always stood for them. I think they usually got up for America. I think they should trust President Trump to see their best interests. . . We are a country with a rule of law, “Hamm said.
He dismissed the allegations made by Democrats and other critics that Trump was ignoring the rule of law through some of his actions, which include reducing birth citizenship and giving Elon Musk’s entry into government departments to reduce spending and countries of work.
“Of course, (Musk) is doing a tremendous service. You know we’ve had a fugitive government for the last four years,” he said.
Hamm said Trump was the “next president in modern history” by realizing so much in his first 30 days, including exiting the Paris climate agreement and reducing the environmental rules restricting industry.
Despite concerns within the oil industry that Trump’s threat to impose steep tariffs in Canada and Mexico will increase costs and raise gas prices, he said they were needed to solve other problems.
“The boundary was number one consideration. Immigration and we had to stop the drug flow in this country, “Hamm said.” With Mexico and Canada, tariffs will certainly not be major factors if they cooperate in the future. ”
Asked if he thought Trump could try to seek a third mandate in office, although it went in violation of the US Constitution, he said he could not think so.
“Thank God we have someone rising there with the President – JD Vance. I think he is looking forward to the next mandate. “
