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The Trump administration is considering whether to lift sanctions on the Russian Direct Investment Fund, according to sources cited by The New York Times. The U.S. Treasury is reviewing the fund’s application; no decision has been announced, and the fund must show that the grounds for sanctions no longer apply.
The Trump administration is considering lifting U.S. sanctions on the Russian Direct Investment Fund, with the Treasury Department reviewing the fund’s application, sources familiar with U.S.-Russia talks told The New York Times. Moscow is seeking relief so the fund can participate in supplying Russian diesel fuel to the United States; no decision to remove the sanctions has been reported.
The Treasury review is proceeding under the department’s standard procedures, one source told the Times. The fund will have to demonstrate that the reasons it was sanctioned no longer apply. The report does not say when the review will conclude or whether officials have reached a preliminary decision.
The Russian Direct Investment Fund, or RDIF, is headed by Kirill Dmitriev, who is a key participant in talks between Russia and the United States. Dmitriev is also leading the Kremlin’s effort to pursue possible joint business ventures between the two countries, according to the source report.
The reported request ties sanctions relief to a proposed commercial role in fuel supplies. The available account does not specify the size or timing of any potential diesel deliveries, the companies involved, or the terms under discussion. It also does not establish that the United States has agreed to import Russian fuel.
Sanctions Relief Could Open Fuel Trade
A decision to remove restrictions could give RDIF a role in a commercial arrangement involving Russian diesel supplies to the United States, while signaling a change in how Washington handles at least one Russia-related sanction. The report describes a review, not a policy shift already carried out; the practical effect depends on what Treasury decides and the scope of any relief.
The case also puts a state-backed investment fund with a senior role in Russia-U.S. discussions at the center of the sanctions process. Because RDIF’s chief is involved in diplomatic and business talks, a decision could affect both commercial negotiations and bilateral engagement. The sources cited do not say that lifting sanctions on the fund would change other U.S. restrictions on Russia.
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Why Washington Sanctioned RDIF
RDIF was established in 2011 to attract foreign investment to Russia. The fund helped develop several projects, including the Sputnik V coronavirus vaccine, according to the source report.
The Biden administration imposed sanctions on RDIF on February 28, 2022, four days after Russia launched its full-scale invasion of Ukraine. At the time, the U.S. Treasury Department said that although the fund was officially a sovereign wealth fund, it was “widely considered a slush fund” for President Vladimir Putin and represented what the department called Russia’s broader kleptocracy. That wording was the Treasury’s characterization when announcing the sanctions, not a finding described in the current report.
RDIF’s head, Dmitriev, has been involved in Russia-U.S. talks. The report also says he and his wife, Natalya Popova, are believed to be close to Putin’s younger daughter, Katerina Tikhonova. It does not detail how those personal connections relate to the sanctions application.
“While officially a sovereign wealth fund, RDIF is widely considered a slush fund for President Vladimir Putin and is emblematic of Russia’s broader kleptocracy.”
— U.S. Treasury Department, in its February 2022 sanctions announcement
Treasury Decision and Fuel Terms Pending
No sanctions decision has been announced, and the report gives no timetable for the Treasury review. It is not clear what evidence RDIF has submitted, how the department will assess whether the original grounds for sanctions still apply, or whether the application could result in a limited waiver rather than a broader change.
Details of the proposed diesel arrangement also remain unknown, including the prospective buyers, suppliers, volume, delivery schedule, and any conditions attached to the trade. The report attributes the account to people familiar with the talks; it does not provide a public statement from Treasury confirming the review or from the administration confirming its position.
Application Moves Through Treasury Review
The immediate next step is the Treasury Department’s review of RDIF’s application under its standard procedures. The fund must make its case that the reasons behind the 2022 sanctions no longer apply, according to a source cited by the Times. Officials have not publicly set a deadline for completing that assessment.
Any decision would clarify whether RDIF can take part in the proposed diesel supply effort and whether the administration is prepared to grant sanctions relief in this case. Until Treasury or the White House announces an outcome, the reported consideration should not be treated as approval of either the fund’s request or a fuel deal.
Key Questions
Has the United States lifted sanctions on RDIF?
No. The report says the administration is considering relief and Treasury is reviewing the fund’s application. It does not report a decision to lift the sanctions.
Why is Russia seeking sanctions relief for the fund?
Sources familiar with the talks told The New York Times that Russia wants RDIF to participate in supplying Russian diesel fuel to the United States. The details of any proposed deal have not been reported.
What must RDIF show to obtain relief?
A source cited by the Times said RDIF must prove that the reasons it was sanctioned no longer apply. The report does not describe the evidence submitted or the department’s assessment.
When were the sanctions imposed?
The Biden administration sanctioned RDIF on February 28, 2022, four days after Russia’s full-scale invasion of Ukraine, according to the source report.
Who leads RDIF?
Kirill Dmitriev heads the fund and is a key participant in Russia-U.S. talks, according to the report. He is also leading the Kremlin’s push for possible joint business ventures between the two countries.
Source: meduza.io
