The US is reviewing a request to lift sanctions on Russia’s state investment fund, run by Putin’s envoy
A US official called fund chief Kirill Dmitriev “a helpful envoy.” No decision has been announced.
In the United States, officials are reviewing a request to remove Russia’s state investment fund, managed by Vladimir Putin’s envoy, from the country’s sanctions list, according to a source from the New York Times. A day after this news, Kremlin aide Yuri Ushakov indicated that the two nations were engaged in discussions regarding the matter.
The U.S. has been gradually reducing pressure on Moscow in recent times. On October 9, the Treasury Department issued a general license permitting the sale of Russian diesel, including to the U.S. A week later, President Trump waived new sanctions under the Graham Act, a law he had signed on September 18 in relation to Russia. Meanwhile, Kyiv continues to await the next round of three-way peace talks.
Unblocking a Kremlin fund at this stage would alleviate another burden for Moscow before any Ukraine settlement can be achieved. The fund is overseen by Kirill Dmitriev, who is also the envoy of Putin in talks with Washington. The U.S. administration is examining the application through standard procedures, as part of its efforts to "enhance U.S.-Russia relations and assist in ending the war."
The official also expressed positive sentiments about Dmitriev, describing him as "a helpful envoy." Russian officials advocated for delisting during talks on the fund's role in transporting Russian diesel to the U.S. However, the Treasury Department maintained that its October 9 license already permitted the fund to handle diesel transactions.
According to a person familiar with the negotiations, the talks have been ongoing for some time, and Ushakov was unable to provide an outcome. The Treasury, as reported by the NYT, is proceeding with the new request following its typical process, and the fund must demonstrate that the reasons for its sanctions no longer apply. Since the start of Russia's full-scale invasion on February 28, 2022, the Treasury has fully blocked the fund and Dmitriev.
At that time, the Treasury stated that the fund was widely perceived as a slush fund for Putin. The Treasury is currently processing the new request under its regular procedures, and the fund will need to prove that the circumstances warrant ending the sanctions.
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