Russia has proposed a major oil and Arctic investment deal to the U.S. under President Donald Trump.
The offer was made by Kirill Dmitriev, head of the Russian Direct Investment Fund (RDIF), ahead of diplomatic talks between Russian and U.S. officials in Saudi Arabia.
This devolvement was reported by multiple Russian media outlets on February 18.
Russia Wants U.S. Oil Firms Back
Dmitriev stated that Russia is eager to welcome back U.S. oil companies, particularly in joint Arctic energy projects.
He argued that American firms had thriving businesses in Russia before sanctions forced their exit and questioned why they would continue to turn down access to Russia’s vast natural resources.
“We believe that at some point, they will return. Why would they refuse access to Russian natural resources?” Dmitriev said, claiming that U.S. companies have already lost €300 billion due to Western sanctions.
Energy Ties Severed After Ukraine War
Before Russia’s 2022 invasion of Ukraine, U.S. energy giant ExxonMobil was the largest American oil firm operating in Russia, holding a 30% stake in the Sakhalin-1 project. However, after Washington imposed sanctions, Exxon announced its withdrawal but has been unable to sell its stake, as the Kremlin extended its sale deadline to 2026.
Other major American oil service companies, including Halliburton, Schlumberger, and Baker Hughes, also pulled out of Russia, despite playing a key role in reviving Russian oil production after the Soviet collapse.
Despite Russian President Vladimir Putin’s push for 80% domestic oil technology by 2025, over half of Russia’s oil equipment still comes from Western countries.
