Putin envoy says Russia and US discussing joint deals, including data centres

Russia and the United States are discussing a range of new joint projects, including nuclear-powered data centres, following last week’s agreement on diesel, Russian President Vladimir Putin’s investment envoy said on Friday.

Kirill Dmitriev said US sanctions posed serious obstacles and criticised as “misguided” the Graham Act, signed by US President Donald Trump last month, which aims to reduce Russia’s energy revenues through sanctions and tariffs.

Nevertheless, he said the two countries were considering other forms of economic cooperation following the diesel deal.

“We are also discussing joint projects in the field of Russian and US data centres, including with the use of small-scale nuclear power plants,” he said, without providing details.

Ukraine has this month attacked data centres belonging to Russian technology group Yandex and banking and technology group Sberbank, describing the strikes as a response to Russian attacks on its own sites.

Dmitriev, a key figure in Russia-US talks on ending the war in Ukraine, has long advocated a range of ambitious potential deals, including in the minerals and energy sectors.

The Kremlin has expressed frustration that the US has so far linked such agreements to a peace deal, which remains elusive.

However, Dmitriev expressed optimism that the situation was changing.

“Naturally, progress is quite difficult; there is resistance — widespread resistance, in fact — from various quarters. Yet, as the example regarding diesel demonstrates, I believe we will soon be announcing several other significant initiatives. The ice has, in fact, begun to break,” he told the Russian Energy Week conference in Moscow.

“We are effectively implementing projects with the United States of America at this very moment, and we will continue to do so until the special military operation comes to an end,” he added, using the Kremlin’s term for the war.

Dmitriev said the US Treasury had asked Russia’s sovereign wealth fund, which he heads, to help resolve difficult payment issues related to the diesel agreement.

The deal, announced by Trump a week ago, involves supplying Russian diesel to US and global markets to lower fuel prices, a key priority for the US president ahead of next month’s midterm elections.

Ukrainian President Volodymyr Zelenskiy has strongly criticised the agreement, which requires the removal of some sanctions on Russian oil imposed by Trump himself.

“There are so many layers of sanctions piled on top of one another that everyone has become confused; it’s difficult now to figure out how to navigate a way out of this situation,” Dmitriev told the conference in Moscow.

“Brainstorming sessions are already under way regarding how to lift these sanctions — that is exactly what the United States is currently working on.”

He said his Russian Direct Investment Fund “will work to ensure that all payments are efficient and reach their intended recipients”.

Credit: Reuters