Key Takeaways
- • Kremlin aide Yuri Ushakov said talks between Moscow and Washington on lifting US sanctions on the state-owned Russian Direct Investment Fund (RDIF) have been "going on for some time," per Russian state news agency TASS.
- • The Biden administration imposed the RDIF sanctions in February 2022 after Russia's invasion of Ukraine, describing the fund as a "known slush fund" for Putin and his inner circle.
- • The New York Times first reported on Tuesday that the Trump administration was considering lifting the sanctions; CNN said it had sought comment from the White House and State Department.
- • Relief for the fund would be another US concession to Moscow, following a six-month suspension of fuel export sanctions under a US-Russia diesel deal.
- • RDIF CEO and presidential envoy Kirill Dmitriev is actively engaging American officials on the matter, according to Ushakov.
Summary
The Trump administration and the Kremlin are discussing the possible lifting of US sanctions on Russia's multibillion-dollar sovereign wealth fund, the Russian Direct Investment Fund (RDIF), according to a Kremlin aide quoted by Russian state media. Putin foreign policy adviser Yuri Ushakov told reporters that the talks have been "going on for some time," TASS reported, adding, "What the outcome will be, I do not know." He said RDIF CEO and presidential envoy Kirill Dmitriev was actively engaging American officials on lifting the sanctions.
The Biden administration imposed the sanctions in February 2022, following Russia's invasion of Ukraine, calling the fund a "known slush fund" for Putin and his inner circle. The New York Times first reported on Tuesday that the Trump administration was considering lifting them. CNN said it had reached out to the White House and the US Department of State for comment.
The discussions come amid a series of US sanctions concessions to Moscow. Earlier this month, Trump announced a deal allowing Russian diesel exports to global energy markets, suspending fuel export sanctions for six months, and waived further sanctions tied to Russian fossil fuel sales that had only just been signed into law. Those forestalled measures would have imposed tariffs of up to 100% on goods from the five largest importers of Russian crude oil or gas. Experts have questioned the diesel deal's effect on global diesel markets, and the White House is seeking to ease fuel price pressure before midterm elections. Trump has said the waivers keep Moscow at the negotiating table, and the moves have drawn criticism from both parties in Washington and strained relations with Western allies.
Kyiv and European capitals have voiced concern that Washington will make further concessions to secure a Putin peace agreement. Putin has said the Kremlin is ready to resume trilateral Russia-US-Ukraine talks after mid-November, at the request of US special envoy Steve Witkoff, and expressed interest in restoring economic cooperation with the US.
The Biden administration imposed the sanctions in February 2022, following Russia's invasion of Ukraine, calling the fund a "known slush fund" for Putin and his inner circle. The New York Times first reported on Tuesday that the Trump administration was considering lifting them. CNN said it had reached out to the White House and the US Department of State for comment.
The discussions come amid a series of US sanctions concessions to Moscow. Earlier this month, Trump announced a deal allowing Russian diesel exports to global energy markets, suspending fuel export sanctions for six months, and waived further sanctions tied to Russian fossil fuel sales that had only just been signed into law. Those forestalled measures would have imposed tariffs of up to 100% on goods from the five largest importers of Russian crude oil or gas. Experts have questioned the diesel deal's effect on global diesel markets, and the White House is seeking to ease fuel price pressure before midterm elections. Trump has said the waivers keep Moscow at the negotiating table, and the moves have drawn criticism from both parties in Washington and strained relations with Western allies.
Kyiv and European capitals have voiced concern that Washington will make further concessions to secure a Putin peace agreement. Putin has said the Kremlin is ready to resume trilateral Russia-US-Ukraine talks after mid-November, at the request of US special envoy Steve Witkoff, and expressed interest in restoring economic cooperation with the US.
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