Trump Administration Reviews Lifting Sanctions on Russian Direct Investment Fund

The United States is assessing a request to remove sanctions on the Russian Direct Investment Fund (RDIF), a multibillion-dollar sovereign-wealth vehicle created in 2011. The review is being conducted by the Treasury Department through its standard delisting procedures. Kremlin foreign-policy aide Yuri Ushakov confirmed that “such a conversation is taking place” and that talks have been ongoing for some time. The RDIF’s chief executive, Kirill Dmitriev, has been positioned as an intermediary in recent negotiations over Russian diesel shipments to the United States.

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The Treasury first sanctioned Dmitriev and the RDIF on February 28, 2022, four days after Russia’s full-scale invasion of Ukraine, labeling the fund a “slush fund” for President Vladimir Putin and a symbol of Russian kleptocracy. In early October 2026, President Donald Trump suspended sanctions on Russian diesel, allowing the fuel to be exported to the United States and global markets for six months. The diesel arrangement was presented as a step to ease U.S. fuel prices ahead of the 2026 midterm elections and to keep Moscow at the negotiating table.

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• The diesel deal envisions an initial shipment of over 300,000 tonnes of diesel to the United States, followed by 500,000 tonnes in November and a further 1 million tonnes thereafter; President Trump has suggested Russia could supply up to an additional 3 million tonnes if market conditions allow.

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• Ship-tracking data show three tankers have already left Russian ports for the United States, including the Agioi Fanendes, which departed Primorsk in late October and is expected in the U.S. in early November.

Trump Administration Weighs Lifting Sanctions on Kremlin’s Investment Fund – NYT

• The Treasury authorized the sale and import of Russian diesel through April 7, 2027.

Trump Administration Weighs Lifting Sanctions on Kremlin’s Investment Fund – NYT

A senior U.S. Kremlin adviser Yuri Ushakov reiterated that the outcome of the discussions remains uncertain. Ukrainian President Volodymyr Zelenskyy warned that the waivers could further empower Russia’s war effort in Ukraine and called for tougher sanctions on Russian energy exports.

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• “I am in the process of negotiating Peace in the war between Russia and Ukraine, and don’t want to do anything that will drive, foolishly, Russia away from the bargaining table,” — The Trump, president

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• “Such a conversation is taking place,” — Mr. Ushakov

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Analysts differ on the diesel deal’s impact on global fuel markets. Some experts doubt that the limited suspension of diesel sanctions will meaningfully lower U.S. diesel prices, while Kremlin officials present the shipments as a sign of constructive cooperation. No source provides definitive evidence that the sanctions relief will directly advance peace negotiations, leaving the effectiveness of the policy open to interpretation.

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A provisional trilateral summit of the United States, Russia and Ukraine is slated for November 4, 2026 in the United Arab Emirates, following a request from U.S. special envoy Steve Witkoff. Putin indicated willingness to resume talks after mid-November, contingent on further diplomatic progress. The Treasury’s final decision on the RDIF delisting is expected later in 2026, with any outcome likely to shape the broader U.S.–Russia diplomatic trajectory.

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