High-level discussions between Russia and the United States in Saudi Arabia have brought potential cooperation on Arctic energy projects back into focus. The meeting, which took place in Riyadh, marked the first official engagement between the two nations following a recent call between US President Donald Trump and Russian President Vladimir Putin.
Kirill Dmitriev, head of the Russian Direct Investment Fund (RDIF), indicated that while discussions primarily covered broad economic topics, specific possibilities for joint projects in the Arctic were also considered. The meeting, however, took place without direct involvement from Ukraine or European nations, raising concerns in key Western capitals about potential decisions affecting Ukraine’s future.
The US has long sought to expand its influence in the Arctic, with Trump previously expressing interest in acquiring Greenland due to its significant mineral resources and strategic value. Although ExxonMobil had previously partnered with Russia’s state-owned oil company Rosneft for hydrocarbon exploration in the Arctic, the venture was halted in 2018 following sanctions imposed after Russia’s 2014 actions in Ukraine.
Dmitriev, along with Russian Foreign Minister Sergey Lavrov and Putin’s foreign policy adviser Yuri Ushakov, was part of the delegation that engaged in these preliminary discussions. The US side was represented by Secretary of State Marco Rubio, National Security Adviser Mike Waltz, and Middle East envoy Steve Witkoff.
While Dmitriev characterized the economic discussions as productive, he refrained from elaborating on the political aspects. He also noted that US businesses had suffered financial losses, estimated at approximately $300 billion, as a result of withdrawing from Russia following Moscow’s large-scale military offensive in Ukraine in 2022.
The talks concluded with an agreement to establish working groups and maintain ongoing communication at a high level, though no specific follow-up meetings have been scheduled. The RDIF, initially established to attract foreign investment into Russia, has seen its role diminished in recent years due to geopolitical tensions and Western sanctions. Before Russia’s full-scale military action in Ukraine, the fund had advocated for diplomatic solutions to the crisis.
As both nations explore potential areas of collaboration, the implications of renewed economic engagement in the Arctic remain closely watched by global stakeholders, particularly in Europe and Ukraine.
