Key facts
- US considering lifting sanctions on Russia's Direct Investment Fund (RDIF).
- RDIF described by US Treasury as "a slush fund for President Vladimir Putin."
- RDIF chief Kirill Dmitriev is leading negotiations with US envoys.
- RDIF claims $29 billion in investments since inception, 80% from partner funds.
- US barred loans/equity in RDIF in 2015 due to links with VEB.
- RDIF supported development of Russia's Sputnik V vaccine.
The Trump administration is reportedly considering lifting sanctions on Russia's Direct Investment Fund (RDIF) as part of broader efforts to normalize relations with Moscow and potentially resolve the conflict in Ukraine. The RDIF, established in 2011, has been a target of US sanctions since 2015, with the US Treasury labeling it a "slush fund for President Vladimir Putin."
Negotiations are reportedly being led by RDIF chief Kirill Dmitriev, who has engaged with US envoys including Steve Witkoff. The potential lifting of sanctions has drawn criticism from US sanctions experts who argue it would prioritize American investment in Kremlin-aligned projects over support for Ukraine. The RDIF claims to have made substantial investments in Russian companies, leveraging funds from international partners like Saudi Arabia's Public Investment Fund.