In brief

• The Trump administration is weighing whether to lift US sanctions on the Russian Direct Investment Fund.
• Russian officials reportedly want the sanctions lifted as part of talks on diesel supplies to the US.
• The fund, led by Kirill Dmitriev, was sanctioned in February 2022 and has no final decision on its status yet.

Sanctions review under discussion

The administration of Donald Trump is examining a request to remove sanctions from the Russian Direct Investment Fund (RDIF), according to The New York Times, which cited people familiar with the talks (Trump zvažuje další ústupek Rusku. Zrušení sankcí vůči Putinovu fondu – Novinky.cz) (Адміністрація Трампа може зняти санкції з російського інвестфонду, який називали "чорною касою" Путіна, - ЗМІ – Espreso) (Администрация Трампа рассматривает возможность снять санкции с РФПИ. При Байдене власти США называли фонд «черной кассой» Путина – Meduza). The fund was hit with US sanctions in February 2022, shortly after Russia launched its full-scale invasion of Ukraine.

Diesel deal and Dmitriev's role

Russian officials have pressed for the lifting of the sanctions as part of wider negotiations over the fund's possible role in supplying Russian diesel fuel to the US (Трамп може скасувати санкції щодо фонду, який називають "чорною касою" Путіна, - NYT – UNIAN). The fund is led by Kirill Dmitriev, who acts as an economic envoy for the Kremlin and takes part in contacts with Washington ("Чорна каса Путіна" і дизель для США: NYT дізналася, з кого Трамп може зняти санкції – TSN). One US official called Dmitriev a useful intermediary in efforts to end the war (ЗМІ: адміністрація Трампа розглядає зняття санкцій з російського інвестиційного фонду – Європейська правда).

Biden-era position

The Biden administration described the fund as a "slush fund" for Putin and viewed its access to Western financial systems as a way for the Kremlin to finance the war. The fund invested billions of dollars in Russian companies, often together with investors from the Middle East and other regions.

Process and open questions

According to one source, the Treasury Department is handling the request under standard procedures. The fund would have to show that the grounds for the sanctions no longer apply. No final decision has been announced.

Some Republicans in Congress have warned that Moscow could gain economic benefits without sufficient pressure from Washington. The White House has said that better relations with Russia could help end the war (Trump zniesie sankcje na fundusz Putina? Tajne rozmowy o podziale naftowych rynków – Bankier.pl).