Head of Russian Sovereign Wealth Fund: "US-Russia Economic Talks to Progress Within 2-3 Months"

Kirill Dmitriev, CEO of the Russian Sovereign Wealth Fund Russian Direct Investment Fund (RDIF) Photo by Yonhap News

The head of Russia's sovereign wealth fund attended the US-Russia talks and predicted that economic negotiations would progress within 2 to 3 months.

According to RIA Novosti on the 18th (local time), Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), expressed this view to reporters before the ministerial-level US-Russia negotiations in Riyadh, Saudi Arabia. He said, "We have a very important economic track," and added, "I believe there will be progress within 2 to 3 months, not in the distant future."

Dmitriev stated, "We are meeting with the US delegation to discuss reintegrating specific projects in the economic sector," emphasizing, "It is important to understand that there has been a loss of $300 billion (432.6 trillion won) since US companies left the Russian market." He also noted that, given the damage Russia has suffered due to the war with Ukraine that began in 2022, joint projects with the US are necessary.

He continued, "They (the US) were very surprised that the Russian economy is growing," and criticized, "The previous US administration under Joe Biden provided incorrect messages and information about the Russian economy." He explained, "We can tell the truth, that the Russian economy is developing well, and that joint projects in the Arctic and other businesses are needed."

However, regarding the resumption of natural gas supply through liquefied natural gas (LNG) projects or the Nord Stream 2 pipeline, he responded, "These have not yet been discussed."

Regarding the Donald Trump administration, he reportedly praised them as "problem solvers who have already addressed several major challenges very quickly, efficiently, and successfully."

The US-Russia negotiations began in Riyadh that day. CEO Dmitriev participated in the Russian delegation to handle economic issues in the talks between the two countries.