The initial round of talks between Russian and U.S. delegations, held in Riyadh on Wednesday, aimed to lay the groundwork for a meeting between Presidents Vladimir Putin and Donald Trump to address the Ukraine conflict. The meeting concluded early Thursday after Russian delegate Kirill Dmitriev announced that Moscow is proposing a deal to the Trump administration. This agreement includes access to Russian natural resources and cooperation in the Arctic, as part of an effort to revive economic ties and potentially lure American oil companies back to Russia, according to local media reports.
This high-level meeting, attended by U.S. Secretary of State Marco Rubio and Russian Foreign Minister Sergey Lavrov, marked the first official dialogue between the two powers since Russia's full-scale invasion of Ukraine. Discussions also touched on global energy prices and the possibility of future economic collaboration, with Moscow extending an invitation for American oil companies to return to Russia and participate in joint projects in the Arctic.
Dmitriev reminisced about the success American companies had in Russia before the war, highlighting that collaboration in areas like the Arctic could be mutually beneficial. "We believe that at some point, they (American companies) will return because why would they start giving up the opportunity to access the natural resources that Russia offered them?” Dmitriev remarked. He also mentioned that American companies had "very successful businesses" in Russia before sanctions were imposed.
U.S. companies, including Exxon Mobil, had significant investments in Russia before the sanctions, with Exxon involved in the Sakhalin 1 oil project. Following the imposition of sanctions, Exxon and other major oil service companies like Halliburton, Schlumberger, and Baker Hughes withdrew from Russia, despite the substantial financial losses incurred.
Moscow's proposal also includes requests for the U.S. to unfreeze Russian state assets, which encompass funds previously invested in American assets. These frozen reserves are valued at approximately $6 billion, part of a broader freeze of $300 billion in the Central Bank's foreign currency reserves.
Key Questions About Russia-U.S. Relations and Ukraine Conflict
What was the main goal of the talks between Russia and the U.S. in Riyadh?
The primary objective was to prepare for a meeting between Presidents Putin and Trump to address the ongoing conflict in Ukraine.
What is Russia offering to the U.S. as part of the proposed deal?
Russia is proposing access to its natural resources and cooperation in the Arctic, aiming to revive economic ties and attract American oil companies back to the country.
Why did American companies withdraw from Russia?
American companies withdrew due to sanctions imposed on Russia, leading to significant financial losses for firms like Exxon Mobil, Halliburton, Schlumberger, and Baker Hughes.