Kirill Dmitriev, head of Russia's sovereign wealth fund, visited Washington on October 1, 2026, to discuss potential peace in Ukraine and collaboration between American and Russian companies after the conflict. Dmitriev met with officials from the U.S. Treasury and Energy departments, where the talks were described as constructive, although no announcements were made following the discussions.
The visit occurred after former President Donald Trump urged Ukrainian President Volodymyr Zelensky to cease attacks on Russian refineries, citing concerns over rising diesel prices due to the war with Iran and strikes on Russian refining capabilities. Zelensky indicated a willingness to halt strikes if Russia also ceased its attacks on Ukrainian energy and civilian facilities, but Russia has not agreed to this proposal.
Earlier in the month, Steve Witkoff and Jared Kushner met with Putin in Moscow, with Dmitriev present. The Kremlin reported that discussions included significant Russian-American projects as well as the ongoing war. Washington is also exploring a smaller deal related to Black Sea shipping and potential energy infrastructure.
A senior Ukrainian source familiar with the proposals described a Black Sea arrangement as the “minimum viable product,” which would allow shipments of grain, metal, and other commercial goods, excluding military cargo. A broader agreement might involve a cessation of attacks on Ukraine’s electricity system in exchange for a halt to attacks on Russian oil facilities, potentially providing some relief during the winter.
An enforceable pause in energy attacks could prevent further hardships for Ukrainians during the winter months. However, Moscow has shown no inclination to relinquish its ability to target Ukraine's energy infrastructure, particularly as winter approaches.
The New York Times reported that the Trump administration is considering business agreements with Russia before the war concludes. An American official suggested that potential profits might incentivize influential Russians to advocate for peace. Additionally, The Atlantic reported a separate proposal backed by Trump that aimed to ease sanctions on Russia in exchange for the release of political prisoners.
Critics argue that these proposals offer concessions to Moscow without significant changes in its behavior. Russian oligarchs rely on Putin for their wealth and are unlikely to challenge him. The release of political prisoners would not impose any real cost on Moscow, as Putin could easily replace them.
Details of Dmitriev's discussions in Washington remain unclear. He has previously promoted a range of potential U.S.-Russia projects, including American involvement in oil and gas development and access to dollar payments for Russia. Dmitriev has suggested that these projects could be worth trillions, although no specific agreements were reached during his visit.
A senior Ukrainian source expressed skepticism, referring to Dmitriev as “the best air seller in the world” and questioning the feasibility of a business offer persuading Putin to end the war. The source emphasized the uncertainty surrounding the proposals and their potential benefits.
Despite significant economic losses, Russia has continued its military operations, losing access to Western investments and markets due to sanctions. The Kremlin has not altered its negotiating stance or objectives, indicating that financial considerations alone would not have led to the conflict.
Moscow operates under the assumption that it can negotiate terms for what it desires while maintaining its positions. Offering sanctions relief or business deals to Russia while it continues to attack Ukraine's energy infrastructure could be counterproductive, as it would allow Putin to gain concessions without making any meaningful compromises.
In conclusion, pressure remains the most effective means to influence Putin's decisions. Ukraine requires support to defend its cities and increase the costs of the war for Russia. Washington may explore shipping deals or attempts to halt attacks on Ukraine's grid, but it must remain prepared for the possibility of Moscow's refusal.