A recent assessment by Kirill Dmitrijew, head of the Russian Direct Investment Fund (RDIF), suggests that the sanctions imposed on Russia have not had the desired effect. Instead, they appear to be affecting the US economy more significantly than Russia’s. According to Dmitrijew, US companies have suffered losses of over $300 billion (approximately €285 billion) due to their withdrawal from the Russian market. “It is important to recognize that the sanctions have caused more harm to the US than to Russia” he emphasized in an interview with CNN.
Dmitrijew’s comments come as a result of the significant number of US and European companies that have chosen to reduce or cease their activities in Russia since the start of the Ukraine war. According to an analysis by the Yale University School of Management, over 1,000 foreign companies have partially or completely withdrawn from the Russian market since February 2022.
High-level diplomatic talks are currently underway in Riyadh, Saudi Arabia, between Moscow and Washington. The Russian delegation is led by Dmitrijew, along with Foreign Minister Sergei Lavrov and Presidential Adviser Yuri Ushakov. This meeting marks the first high-level diplomatic dialogue between the two countries on the Ukraine conflict, with no representatives from Ukraine or the European Union in attendance.
Dmitrijew emphasized the importance of resuming dialogue between Moscow and Washington, stating that the economic benefits of cooperation would be beneficial for both sides. He also clarified that the economic track in Russian-US relations is separate from the political one and that Russia and the US should focus on joint projects, such as those in the Arctic.
Dmitrijew denied claims that Russia is primarily seeking the relaxation of sanctions in the talks. CNN cited sources indicating that Dmitrijew was invited to the talks to restore economic ties between Russia and the US.
The Kremlin stated that Saudi Arabia was chosen as the meeting location due to its neutral status for both countries. The goal of the talks is to lay the groundwork for a possible meeting between Russian President Vladimir Putin and US President Donald Trump.