Kremlin Proposes Russian Oil and Arctic Investment Deal to Trump

The Kremlin has proposed a deal on Russian natural resources to the administration of U.S. President Donald Trump, according to Kirill Dmitriev, head of the Russian Direct Investment Fund. Dmitriev made the statement ahead of bilateral talks between Russian and U.S. officials in Saudi Arabia, as reported by multiple Russian media outlets on February 18.

Moscow believes that American oil companies could return to Russia and has expressed interest in joint Arctic projects with the U.S., Dmitriev said.

“We believe that at some point, they will return. Why would they turn down access to Russian natural resources, which Russia has offered them?” Dmitriev stated, adding that major U.S. oil firms previously had “very successful business” in Russia.

According to Dmitriev, American companies have lost approximately €300 billion due to sanctions imposed on Russia. He also criticized the administration of former U.S. President Joe Biden, claiming it sent “many misleading signals” about the state of the Russian economy.

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Trump’s Disinformation on War in Ukraine: What’s True and What’s False

Feb 19, 2025 13:30

Before Russia’s full-scale invasion of Ukraine, ExxonMobil was the only major U.S. company involved in Russian oil extraction, holding a 30% stake in the Sakhalin-1 project. After sanctions were imposed, the company announced its exit but was unable to sell its stake due to repeated delays by the Kremlin, which extended the deadline to the end of 2026, The Moscow Times reported.

Following Russia’s 2022 full-scale invasion, U.S. oil service giants Halliburton, Schlumberger, and Baker Hughes also withdrew from Russia, despite previously playing a key role in restoring its oil production after the Soviet collapse. Meanwhile, despite Putin’s push for 80% domestic oil technology by 2025, over half of Russia’s equipment still comes from “unfriendly” countries.

Previously, Ukrainian President Volodymyr Zelenskyy has stated that the policies of the United States and the administration of President Donald Trump are contributing to Russia’s reintegration into the international arena, effectively ending the long-standing isolation of Russian leader Vladimir Putin.