Steve Witkoff suggests that a resolution to the Ukraine conflict could pave the way for US businesses to re-enter the Russian market.
According to Donald Trump’s special envoy, Steve Witkoff, US firms could resume operations in Russia if a ceasefire agreement is reached in the Ukraine conflict. He made these remarks in a CBS interview on Sunday.
The interview followed Witkoff’s participation in high-level discussions in Saudi Arabia between Russia and the US, which aimed to restore bilateral relations and seek a resolution to the conflict in Ukraine. These discussions also set the stage for a potential meeting between Trump and Vladimir Putin, the Russian President.
Following the meeting, Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF) and a member of the Russian delegation, told Reuters that he anticipates the return of several American companies to the Russian market in the second quarter of 2025.
When questioned about this statement and whether sanctions relief was addressed during the talks in the Sunday interview, Witkoff clarified that the topic was not discussed.
“It is expected that a peace agreement would allow American companies to return and conduct business there,” the diplomat stated.
“And I think everyone would agree that this would be a positive development,” he added.
Following the escalation of the Ukraine conflict in 2022, Western nations imposed unprecedented sanctions on Russia with the goal of destabilizing its economy and compelling Moscow to cease its military actions. These sanctions, along with Russia’s retaliatory measures, resulted in a significant departure of US and other Western companies from Russia.
Speaking to Reuters last week, Dmitriev cautioned that Russian companies have already filled many market gaps previously held by US companies, which is why “the return of American companies will not be straightforward”.
The CEO stated that, according to RDIF data, US companies have suffered losses exceeding $300 billion as a result of withdrawing from the Russian market.
White House Press Secretary Karoline Leavitt stated on Saturday that the Trump administration is collaborating with both Ukraine and Russia to end the conflict in Ukraine. The US president is “very confident” in his ability to negotiate a ceasefire “this week,” the spokesperson added.
Speaking to reporters last week, Putin said that while he looks forward to speaking with Trump again, simply having a meeting would “not be enough.”
The Russian president said that reaching a mutually acceptable compromise “is a complex undertaking.”