On 16 October, Kirill Dmitriev, the Russian President’s Special Representative, stated at the «Russian Energy Week» forum in Moscow that Russia and the US are discussing potential economic projects in the Arctic, the energy sector, the LNG sector, the supply of raw materials and data centres. There has been no public confirmation that any new agreements have been signed in these areas.
Briefly about the main points
- Dmitriev stated that Russia and the US were discussing potential economic projects.
- These sectors include the Arctic, LNG, metals, fertilisers and data centres.
- OFAC has authorised certain transactions involving Russian diesel under Licence No. 135.
- No new contracts relating to the Arctic, LNG or data centres have been publicly announced.
Which areas did the Russian side mention?
According to Dmitrieva, the parties are discussing investment and economic projects. He cited the Arctic, the energy sector, the production and transport of liquefied natural gas, and increased supplies of fertilisers, aluminium and rare-earth metals to the US as possible areas of cooperation.
Reuters also reported Dmitriev’s statement regarding possible shared data centres, which could utilise electricity from small nuclear power stations. The Russian representative did not name any potential participants, nor did he specify the sums involved, the volumes, the implementation timelines, the data centre sites or any specific Arctic deposits.
Dmitriev stated that, according to him, this cooperation has been ongoing even before the end of Russia’s war against Ukraine.
What is officially known about the diesel operations
On 9 October, the Office of Foreign Assets Control of the US Department of the Treasury issued a General Licence No. 135. It permits certain operations relating to the sale, delivery, unloading and import of diesel fuel of Russian origin.
Dmitriev described the diesel agreement as one of the projects under discussion with the US. He also stated that the US Treasury had approached the Russian Direct Investment Fund regarding payment issues; however, the US side has not publicly confirmed this approach.
The OFAC licence authorises certain transactions, but does not contain any details regarding the actual shipment, delivery or payment for specific consignments of diesel.
Exemptions under the Graham Act and Ukraine’s response
On 16 October, the White House introduced exemptions from certain provisions of the Graham Act relating to Russia and Iran. The executive order does not lift all existing US restrictions against Russia.
President Volodymyr Zelenskyy On 9 October, he criticised the authorisation of transactions involving Russian diesel, describing it as an «investment in the war». In his view, this could provide Moscow with additional resources to continue the war.
At present, the officially confirmed US decision relates to specific diesel-related operations. Projects in the Arctic, the LNG sector, metal supplies and data centres remain areas of negotiation identified by Russia, with no agreements having been publicly announced.
