Kremlin Aide Confirms Talks on Lifting Sanctions for $100 Billion Russian Wealth Fund

The Trump administration and the Kremlin are in discussions to lift United States sanctions on Russia’s sovereign wealth fund, according to a Kremlin aide. Yuri Ushakov, who serves as a foreign policy advisor to Russian President Vladimir Putin, told reporters that negotiations regarding the Russian Direct Investment Fund have continued for some time. TASS, the Russian state news agency, reported his remarks on Wednesday. Ushakov said he did not know what the final outcome of the talks would be. He noted that Kirill Dmitriev, the fund’s CEO and a presidential envoy, has been actively engaging with American officials on the matter.

The Russian Direct Investment Fund is a state-owned entity with assets worth billions of dollars. The Biden administration imposed the current sanctions in February 2022, following Russia’s invasion of Ukraine. Officials at the time described the fund as a known slush fund for Putin and his inner circle. The New York Times first reported on Tuesday that the current White House was considering removing these restrictions. CNN has contacted the White House and the US Department of State for comment.

This potential concession fits into a series of recent sanctions waivers granted by President Donald Trump. These moves have sparked criticism from both major political parties in Washington and have created friction between the United States and its Western allies. Earlier this month, Trump announced a deal allowing Russian diesel exports to global energy markets. He also waived a set of sanctions related to Russian fossil fuel sales that had recently been signed into law.

The legislation that was paused would have imposed tariffs of up to 100% on goods from the five largest importers of Russian crude oil or gas. These fuel sales are a primary source of funding for the Kremlin’s war effort. The diesel deal suspends fuel export sanctions for six months, permitting diesel sales at market prices. However, experts have questioned the impact this suspension will have on global diesel markets. Russia had banned diesel exports in early July after Ukrainian drone strikes on its refineries caused widespread fuel shortages within the country.

The White House is aiming to reduce pressure on oil and diesel prices in the United States ahead of the midterm elections scheduled for next week. Trump has stated that his decision to waive some sanctions is intended to keep Moscow engaged in negotiations. In a post on Truth Social on October 18, Trump wrote that he is in the process of negotiating peace and does not want to foolishly drive Russia away from the bargaining table.

Trump has blamed high global fuel prices on Ukraine. He has applied pressure to Ukrainian President Volodymr Zelensky to halt strikes on Russian refineries, even as Russia continues to attack Ukrainian towns, cities, and energy infrastructure. Zelensky recently told NBC’s Meet the Press that the waivers strengthened Putin’s war against Ukraine while Moscow was failing on the battlefield. Kyiv has long advocated for tougher sanctions on Russian energy exports.

Anxiety is growing in Kyiv and Europe that the Trump administration will make further concessions to secure a peace deal. Last week, Putin said the Kremlin would be ready to resume trilateral peace talks after mid-November. This decision followed a request from US special envoy Steve Witkoff, who met with the Russian leader in St. Petersburg. During those discussions, Putin expressed interest in restoring economic cooperation with the United States.