The US Treasury Department is engaging in direct discussions with Russian economic envoy Kirill Dmitriev to explore potential economic cooperation as efforts continue to resolve the conflict in Ukraine. Steve Witkoff, President Donald Trump’s special envoy, confirmed the talks, which occurred during his meeting with Russian President Vladimir Putin in St. Petersburg.
The discussions covered future trade relations, diesel supplies to the US, financial arrangements, and Russian fertilizer exports. Witkoff emphasized that the US Treasury is independently exploring economic opportunities with Dmitriev, although he did not specify if these talks involved any changes to sanctions, investment agreements, or financial restrictions.
Dmitriev, who leads the Russian Direct Investment Fund, has been a key figure in economic and diplomatic contacts between Moscow and the Trump administration. This engagement comes amid ongoing US sanctions that have limited bilateral trade and investment following Russia’s invasion of Ukraine.
During the meeting, Putin proposed Russian diesel shipments to the US, highlighting preparations for an initial delivery of approximately 40,000 metric tons, pending financial arrangement completion. He also offered to supply American farmers with fertilizer, suggesting that the announcement of additional diesel supplies had already contributed to a decline in global diesel prices. Witkoff welcomed the potential fuel supplies, noting their potential benefit to American consumers and cost relief for farmers and transport operators.
While these proposed trade arrangements suggest a possibility for limited economic engagement, no comprehensive agreement to restore normal trade relations was announced. The impact of these discussions on existing sanctions remains unclear.
Despite the economic focus, Witkoff reiterated that ending the Ukraine conflict remains a primary priority. He proposed restarting trilateral negotiations involving the US, Russia, and Ukraine to identify practical steps toward a peace settlement. The talks underscore that Washington and Moscow are balancing economic issues with diplomatic efforts, although significant obstacles persist in resolving the conflict and shaping future bilateral relations.
