Trump's team is weighing an end to sanctions on a major Russian state fund, even as Moscow's war in Ukraine goes on. The Russian Direct Investment Fund, or RDIF, has asked Washington to lift the limits, with a deal to ship Russian diesel to America as part of the talks.
The fund has billions tied up in Russian firms and has worked with backers from the Middle East and other regions. U.S. officials had long seen it as a way for Vladimir Putin to gain sway abroad. Joe Biden's team hit it with sanctions after Russia sent troops into Ukraine.
But the White House sees a chance to improve ties with Moscow through trade. An American official says the Treasury Department is reviewing RDIF's request under its normal rules, rather than granting an instant exemption.
Kirill Dmitriev, who runs RDIF, has become a key figure in the talks. He has met with U.S. negotiators and pushed the case for closer economic ties. The administration sees him as useful in efforts to reach a deal over Ukraine.
Diesel is a big part of the story. Trump eased limits on Russian fuel sales, and Moscow says three tankers have left with loads meant for America. Russian Deputy Prime Minister Aleksandr Novak credited RDIF with helping arrange the shipments.
One vessel, Agioi Fanendes, departed from Primorsk with a load of diesel. Its planned U.S. destination later changed from New York to a status that left the final port unclear. People briefed on the deals say American buyers had not paid for the fuel before it sailed.
Yet Treasury officials reportedly believe the existing fuel exemption already lets RDIF handle these deals. For broader sanctions relief, the fund would have to show that the grounds for its original listing no longer apply.
Meanwhile, other plans are also being discussed. They range from selling a stake in Russian oil firm Lukoil to gas ventures in Alaska and fresh exports for Europe. Some European leaders have raised concerns, while reports of possible hidden Russian funding have troubled the Alaska project.
Steve Witkoff and Jared Kushner are two of Dmitriev's main contacts in Washington. Witkoff, a Trump ally and peace envoy, has spoken well of their work together. Dmitriev, who studied at Harvard and Stanford, also has links with Saudi Crown Prince Mohammed bin Salman and people close to Putin's family.
RDIF helped pay for the Sputnik V vaccine and its rollout abroad during the pandemic. Dmitriev has since used social media to back Trump's views and argue against Western curbs on Russian trade.
The split over Trump's approach is clear. His team argues that new business ties could give Putin a reason to pursue peace. Critics, some of them Republicans, fear Moscow may gain economic rewards without making real concessions on Ukraine.
Eric Green, who worked on Russia policy under Biden, has warned that removing RDIF's sanctions would mark a major change in America's stance. That view reflects a concern that financial limits could ease before any peace deal is reached.
For all the warm talk between Washington and Moscow, most of the earlier sanctions remain active. Whether RDIF gets broader relief is still an open question.
The fund has billions tied up in Russian firms and has worked with backers from the Middle East and other regions. U.S. officials had long seen it as a way for Vladimir Putin to gain sway abroad. Joe Biden's team hit it with sanctions after Russia sent troops into Ukraine.
But the White House sees a chance to improve ties with Moscow through trade. An American official says the Treasury Department is reviewing RDIF's request under its normal rules, rather than granting an instant exemption.
Kirill Dmitriev, who runs RDIF, has become a key figure in the talks. He has met with U.S. negotiators and pushed the case for closer economic ties. The administration sees him as useful in efforts to reach a deal over Ukraine.
Diesel is a big part of the story. Trump eased limits on Russian fuel sales, and Moscow says three tankers have left with loads meant for America. Russian Deputy Prime Minister Aleksandr Novak credited RDIF with helping arrange the shipments.
One vessel, Agioi Fanendes, departed from Primorsk with a load of diesel. Its planned U.S. destination later changed from New York to a status that left the final port unclear. People briefed on the deals say American buyers had not paid for the fuel before it sailed.
Yet Treasury officials reportedly believe the existing fuel exemption already lets RDIF handle these deals. For broader sanctions relief, the fund would have to show that the grounds for its original listing no longer apply.
Meanwhile, other plans are also being discussed. They range from selling a stake in Russian oil firm Lukoil to gas ventures in Alaska and fresh exports for Europe. Some European leaders have raised concerns, while reports of possible hidden Russian funding have troubled the Alaska project.
Steve Witkoff and Jared Kushner are two of Dmitriev's main contacts in Washington. Witkoff, a Trump ally and peace envoy, has spoken well of their work together. Dmitriev, who studied at Harvard and Stanford, also has links with Saudi Crown Prince Mohammed bin Salman and people close to Putin's family.
RDIF helped pay for the Sputnik V vaccine and its rollout abroad during the pandemic. Dmitriev has since used social media to back Trump's views and argue against Western curbs on Russian trade.
The split over Trump's approach is clear. His team argues that new business ties could give Putin a reason to pursue peace. Critics, some of them Republicans, fear Moscow may gain economic rewards without making real concessions on Ukraine.
Eric Green, who worked on Russia policy under Biden, has warned that removing RDIF's sanctions would mark a major change in America's stance. That view reflects a concern that financial limits could ease before any peace deal is reached.
For all the warm talk between Washington and Moscow, most of the earlier sanctions remain active. Whether RDIF gets broader relief is still an open question.
