Russia and the United States discussed opportunities for cooperation on energy projects in the Arctic during a meeting held in Saudi Arabia, a senior Russian negotiator told POLITICO.
Kirill Dmitriev, head of the Russian Direct Investment Fund (RDIF), said the talks were at a general level, but some specific areas for future cooperation were also discussed.
“It was mostly a general discussion – perhaps joint projects in the Arctic. "We specifically discussed the Arctic," Dmitriev said by phone while on his way home from talks in Riyadh.
The talks, which did not focus on Ukraine and European issues, have caused anxiety and a sense of urgency in key European capitals. It appears that US and Russian presidents Donald Trump and Vladimir Putin will make decisions about Ukraine's future without substantial consultation with Kiev or its Western allies.
For his part, Trump has sought to boost American influence in the Arctic, having repeatedly expressed interest in the possibility of acquiring Greenland from Denmark. He has even hinted on more than one occasion that he could use military force or economic coercion to secure control of this strategically important island, rich in mineral resources.
The American oil company ExxonMobil was a partner of the Russian state oil giant “Rosneft“ in hydrocarbon exploration in the Arctic, but withdrew in 2018 after Western sanctions were imposed in response to Russia's initial invasion of Ukraine in 2014.
Dmitriev was part of the Russian delegation, which included Foreign Minister Sergei Lavrov and Putin's foreign policy adviser, Yuri Ushakov. He participated in initial discussions on Ukraine in Saudi Arabia. Tuesday's talks were the first contact between officials from both sides since the recent Trump-Putin conversation.
“It is positive that after the Biden administration stopped all communications and discussions, this dialogue created an opportunity to restore contacts,“ said Dmitriev.
He also said that he had presented an analysis by RDIF, according to which American businesses suffered losses of about $300 billion due to leaving Russia after Putin's full-scale invasion of Ukraine in February 2022.
“There is an understanding that the deterioration of relations between Russia and the United States leads to significant losses for American businesses, and there are opportunities for productive cooperation that would benefit both Russia and the United States,“ he added.
“I would not like to create unrealistic expectations about the future process, but I believe that joint investments between Russia and the United States are more likely after this meeting than before“, Dmitriev stressed.
Regarding future steps, he said that the two sides had agreed to create working groups and maintain regular high-level contacts, but no further meetings were scheduled.
The Russian Direct Investment Fund (RDIF) was established in 2011. to partner with foreign investors for projects in Russia and later supported the development of a COVID-19 vaccine.
Following Moscow's full-scale invasion of Ukraine, the fund was isolated as foreign investors withdrew or reduced their commitments.
Shortly before Putin ordered the invasion of Ukraine, the RDIF issued a statement calling for a diplomatic solution to the conflict.