Witkoff Reveals US Treasury Working With Putin’s Envoy on Economic Ties

US Treasury Secretary Steven Witkoff disclosed on Wednesday, October 21, that the United States and Russia are engaged in discussions regarding future trade and economic cooperation, alongside negotiations aimed at ending Russia's ongoing war against Ukraine. During a meeting with Russian President Vladimir Putin in St. Petersburg, Witkoff revealed that the US Treasury Department is actively collaborating directly with Kremlin economic envoy Kirill Dmitriev.

The disclosure made during Witkoff's meeting with Putin occurred beyond peace proposals, delving into various topics such as Russian diesel shipments to the US, financial arrangements, and potential fertilizer exports. Witkoff stated during the meeting, "Our Treasury Department is working with you now independently."

These contacts indicate that the Trump administration has pursued economic engagement with Moscow, even as Washington maintains extensive sanctions imposed in response to Russia's invasion of Ukraine. Dmitriev, the chief executive of the Russian Direct Investment Fund (RDIF) and Putin's special representative for international economic cooperation, has been pivotal in Moscow's interactions with the Trump administration.

Witkoff praised Dmitriev's contributions, saying, "You've been outstanding, Kirill." The economic discussions were described as an indication of the potential opportunities that might arise if relations between Washington and Moscow improve. Witkoff also mentioned that the US was openly discussing potential economic developments with Ukraine to provide them with a sense of what to expect once the conflict concludes.

However, the nature of the Treasury Department's contacts with Dmitriev, including whether they pertain to sanctions relief, investment, banking arrangements, or specific commercial agreements, remains unclear. Additionally, the involvement of specific Treasury officials and any commitments made by Washington were not disclosed.