Behind-the-scenes business amid the war: The Economist reports on Russia’s talks with Trump’s circle – Kyiv warns of pressure to make concessions

Russia is reportedly holding closed-door discussions—parallel to the negotiations over the war in Ukraine—about possible business deals with the United States and people close to President Donald Trump.

This is what The Economist claims.

Volodymyr Zelensky, citing Ukrainian intelligence, said that Moscow allegedly offered the U.S. side deals worth up to $12 trillion in exchange for easing sanctions, and that the relevant package, according to one of the magazine’s sources, is close to being agreed.

According to The Economist, Russia’s Security Council prepared in advance a document with recommendations on how to present Trump with the “greatest deal.” The talks are said to be overseen by Kirill Dmitriev, head of the Russian Direct Investment Fund; the article says he met repeatedly with Trump envoy Steve Witkoff. It also reports that individuals close to the Trump family discussed interest in stakes in Russian energy assets.

Among the proposals Moscow is said to be promoting in these contacts are Arctic projects (oil and gas), rare-earth deposits, a nuclear-powered data center, and the idea of a tunnel under the Bering Strait. Separately, The Economist writes that Putin may have offered the return of ExxonMobil assets seized in 2022, valued at about $5 billion.

At the same time, sources and interviewed analysts call the $12 trillion figure inflated and aimed at political effect: even under optimistic estimates, the real scale would be far smaller and tied to long-term projects requiring technology, capital, and time. Another constraint is the sanctions regime: a significant share of sanctions is linked to EU decisions and complex legal procedures, reducing the likelihood of fast “big deals.”

Another factor is investment risk in Russia. The Economist points to weak protection of property and contracts, as well as the risk of renewed escalation of the war, which could bring sanctions back and lead to new freezes or confiscations of assets.

In Europe, according to the outlet, fears are growing that Washington may pressure Kyiv toward concessions in pursuit of commercial opportunities. Kyiv, for its part, publicly emphasizes that any peace agreement without reliable security guarantees would create conditions for a new war.