Moscow Waves $324 Billion ‘Loss Sheet’ at U.S., Taunting American Sanctions

Russia’s top investment manager, Kirill Dmitriev, who was part of Russia’s delegation during talks with the U.S. team in Riyadh, presented a simple printout during talks with the Trump administration in Saudi Arabia on February 19, according to the New York Times.

The piece of paper conveyed the message that American companies had walked away from significant financial opportunities by pulling out of Russia in response to the invasion of Ukraine.

“Losses of U.S. companies by industry,” the document stated, showing “total losses,” with the sum at the bottom reading $324 billion. Dmitriev, head of Russia’s sovereign wealth fund, shared this with a New York Times reporter.

The print-out Dmitriev presented showed that the largest losses among U.S. companies that left Russia were in the “I.T. and Media” sector, with $123 billion in losses, and “Consumer and Healthcare,” at $94 billion.

Dmitriev noted that these figures accounted for not just fire sales and write-downs but also “forgone profits.” Western companies that exited Russia have officially reported losses exceeding $100 billion since the war began, with many assets sold under harsh terms imposed by the Russian state.

In appealing to U.S. President Trump, Russia focused on his desire for profit. Russian leader Vladimir Putin noted last month that the pair “have a lot to talk about” regarding energy and the economy.

Following the meeting, Russian Foreign Minister Sergey Lavrov stated that there was “great interest” in removing “artificial barriers to the development of mutually beneficial economic cooperation,” referring to potential lifting of American sanctions.

In contrast, the administration suggests that ending the war against Ukraine is key to fully resetting U.S.-Russia relations.

The New York Times article also notes that in 2016, Dmitriev attempted to use business contacts to create a back channel to Trump, promoting “reconciliation” between the U.S. and Russia, as detailed in Robert Mueller’s report on Russian interference in the 2016 election.

Dmitriev stated, “The economic track allows diplomacy, allows communication, allows joint wins, allows joint success,” emphasizing Trump’s focus on success.

According to the New York Times, the Europeans and Ukrainians worry that Trump may push for a peace deal favorable to Russia, especially after he suggested on Tuesday that Ukraine was to blame for the Russian invasion.

Many world leaders have shifted to business-focused messaging to appeal to Trump, whose foreign policy differs from that of his predecessors. However, Moscow stands out for its success in getting him to engage on the issue of the war in Ukraine.

Earlier, Ukrainian President Volodymyr Zelenskyy criticized U.S. President Donald Trump for repeating Russian disinformation about the war in Ukraine.