Investing.com -- Officials from the United States and Russia have reportedly engaged in talks to potentially reestablish Russian gas sales to Europe, according to a Reuters report on Thursday.

Russian gas imports were significantly reduced by Europe following the invasion, resulting in a $7 billion loss for Russian exporter Gazprom (MCX: GAZP ) in 2023. The U.S. President, Donald Trump, as part of his Ukraine peace plan, could potentially push to mend the gas ties.

The report suggests that reintroducing Moscow’s role in the European Union’s gas market could contribute to solidifying a peace agreement with Russian President Vladimir Putin. Despite many European countries seeking alternative suppliers, some buyers have remained and industry officials believe more could return following a peace agreement.

Currently, Russia supplies 19% of Europe’s gas demand, a drop from 40% before the invasion. This supply primarily consists of liquefied natural gas (LNG) and some piped via Turkey along the TurkStream pipeline.

The U.S. involvement in restoring gas sales could assist Moscow in overcoming political opposition in much of Europe. Additionally, U.S. participation could provide Washington with visibility and possibly some control over the volume of Russian gas returning to Europe, the Reuters report added.

U.S. envoy Steve Witkoff and Putin’s investment envoy, Kirill Dmitriev, have reportedly also held talks about gas sales, as part of their peace negotiations.