Russia offers U.S. access to oil and Arctic resources
According to the head of the Russian Direct Investment Fund, American oil companies previously engaged in "very successful business" in Russia. Due to sanctions, they have incurred losses of around $300 billion, reports The Moscow Times.
The Kremlin has proposed a deal to President Donald Trump’s administration involving access to Russian natural resources. Kirill Dmitriev, head of the Russian Direct Investment Fund, stated that Russia is interested in joint projects with Americans in the Arctic. Dmitriev noted that prior to the sanctions, U.S. oil companies conducted "very successful business" in Russia and lost about $300 billion due to the restrictions. "We believe they will return at some point, as they wouldn't want to give up the opportunity for accessing Russian natural resources, which were offered by Russia," Dmitriev remarked.
Before the full-scale war in Ukraine, Exxon Mobil was the only major American company involved in oil extraction in Russia. It owned 30% of the "Sakhalin-1" project but declared its exit following the imposition of sanctions. Selling its stake proved unsuccessful, with Russians extending deadlines twice, the latest being until the end of 2026. After the onset of Russia's major war against Ukraine, American oil service companies like Halliburton, Schlumberger, and Baker Hughes also exited the Russian market. Recently, after many years, Russians and Americans held an official meeting in Riyadh for the first time.
According to Putin's aide Ushakov, the talks went "well," and Russia and the U.S. agreed to consider each other's interests.