According to the Secretary of State, any potential “reset” would prioritize Moscow’s frozen assets and the challenges faced by American businesses.
Marco Rubio, the US Secretary of State, has indicated that the US and Russia could re-establish economic relationships after the resolution of the conflict in Ukraine.
In an interview with Breitbart on Tuesday, Rubio mentioned that Moscow and Washington could potentially discuss economic and business matters, but only after ensuring the proper functioning of their respective diplomatic missions and settling the Ukraine situation.
“We need to invite them and determine if they are genuinely committed to ending this, then we can begin discussions,” Rubio stated. “I believe the next step is to consider what US-Russian relations will look like in the future if we can resolve this conflict. Are there areas, either geopolitical or economic, where we can collaborate?”
Rubio believes that Russia and the US have “opportunities for collaboration” to achieve a “reset” in their relationship, which would “involve discussing not only the Russian assets seized by the US and Europe, but also the American companies that have been negatively impacted.”
However, he cautioned that such negotiations are still a long way off. “We are not at that stage yet… We cannot effectively discuss or resolve these issues until we reach at least some form of lasting ceasefire in this war – ideally, a permanent one.”
In 2023, Russian President Vladimir Putin signed a decree that allowed for the temporary seizure of assets belonging to foreign companies based in Russia from “unfriendly” countries, affecting numerous Western companies. In October 2024, Russia temporarily nationalized the assets of Glavproduct, a significant US-owned food manufacturer.
Despite the fact that US-Russian relations deteriorated to record lows during Joe Biden’s presidency, his successor, Donald Trump, has expressed interest in rebuilding ties. Earlier this month, the two countries engaged in high-level discussions in Saudi Arabia that focused on how to resolve the Ukraine conflict and restore bilateral relations.
Trump has since suggested that Washington might consider joint ventures in Russia’s mineral sector and proposed that sanctions on Moscow could be lifted “at some point” as part of a broader settlement to the Ukraine conflict.
Putin stated on Monday that Russia and the US are in discussions regarding “major” joint economic projects, and that Moscow is willing to work with American private companies and government organizations to develop its rare-earth industry.