Trump Sets 60-Day Review of Russian Sanctions Amid Moves Involving RDIF
Key Facts
U.S. Secretary of State Marco Rubio said President Donald Trump would use a period of up to 60 days to assess the economic impact of sanctions and tariffs related to Russia whose implementation has been suspended. Alongside this review, Kirill Dmitriev, chief executive of the Russian Direct Investment Fund, said U.S. officials were exploring ways to lift sanctions. Reuters quoted him as saying, "Brainstorming sessions are already underway on how to lift these sanctions." This comes as the U.S. Treasury Department asked the fund to help facilitate payments for the diesel deal and address implementation issues. This does not yet amount to an announcement that sanctions on the fund or Russia have been lifted.
The fund was targeted on 28 February 2022, when the U.S. Treasury Department imposed sanctions on RDIF and its chief executive, Kirill Dmitriev. The department said the action also covered the fund’s management company and one of its subsidiaries. It said the aim was to cut off an additional avenue for Russia to access the U.S. financial system. This background shows that any facilitation of payments linked to Russian trade falls within restrictions that had previously targeted the fund and its management structure. The current review is therefore focused on how to handle multiple restrictions, without implying that existing sanctions have been lifted.
Dmitriev said the Treasury Department had asked the fund to "facilitate payments and resolve tactical issues" related to the diesel deal. He added that RDIF would work to ensure payments were efficient and reached their intended recipients. According to Reuters, the deal announced by Trump aims to supply Russian diesel to U.S. and global markets to lower fuel prices. But implementing the agreement requires lifting some of the sanctions Trump imposed on Russian oil. The fund has thus become involved in addressing financial obstacles to the deal as the administration assesses the broader impact of Russia-related restrictions.
The Treasury Department said RDIF was established in 2011 by order of then-Russian President Dmitry Medvedev and then-Prime Minister Vladimir Putin. One of its purposes is to develop relationships with international investors for direct investment in Russia. The department described it as a major sovereign fund with exposure to the U.S. financial system, which explains why its management company and subsidiary were included in the sanctions. The fund’s investment role extends beyond the financial arrangements for a single deal, bringing together investment attraction and the management of assets linked to the Russian state. The publicly disclosed facts in the diesel case, however, concern facilitating payments and implementation issues, not announcing a change in the fund’s legal status.
The sanctions review is taking place alongside the suspension of a new, sweeping U.S. package targeting the Russian economy. The Associated Press reported that Trump signed an executive order halting the package, saying it was in the national interest. On the diesel deal, Reuters reported that Trump’s envoys presented the agreement to Ukrainian officials as part of an effort to bring Russia back to negotiations, after previous attempts to launch sustained talks to end the war had stalled. The agency reported that Russia had agreed to supply more than 2.25 million barrels to U.S. and global markets, but the deal drew criticism from U.S. lawmakers who feared it would provide Moscow with revenue to continue the war. Ukrainian officials also expressed doubts about using commercial deals to win over Moscow.
Russian President Vladimir Putin said global diesel prices fell by 5%-6% after the deal, while a U.S. official said the first Russian diesel tanker bound for the United States would carry 40,000 metric tons. On the negotiating track, Reuters reported that U.S., Ukrainian and European officials held six hours of talks in Miami on 9 October 2026, seeking to agree on a unified proposal to end the war and present it to Russia before winter. These moves place the trade arrangements and sanctions review within a broader diplomatic process, amid continuing disagreement over whether deals will push Moscow to negotiate or provide it with additional resources. In its earlier coverage, EL7 said Trump had suspended a proposed increase in tariffs on Russian goods while keeping previous sanctions in place, and also covered a proposal to unfreeze Russian assets to advance peace talks. The decision on sanctions against RDIF remains part of the administration’s review, which Rubio said could take up to 60 days.