US firms could return to Russia – Trump envoy

A peace deal in the Ukraine conflict could allow American companies to return to the Russian market, Steve Witkoff has said

24 FEB 2025 CET RT: US special envoy Steve Witkoff speaks to reporters outside of the West Wing of the White House, Washington, DC, February 04, 2025. © Getty Images / Anna Moneymaker

US companies would be able to return to do business in Russia in the event of a ceasefire deal in the Ukraine conflict, President Donald Trump’s special envoy Steve Witkoff said in an interview to CBS on Sunday.

The interview came days after Witkoff took part in high-level negotiations between Russia and the US in Saudi Arabia, aimed at restarting bilateral ties and working towards the settlement of the conflict in Ukraine. The talks also laid the groundwork for a summit between Trump and Russian President Vladimir Putin.

Following the meeting, CEO of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev, a member of Moscow's delegation, told Reuters that he expects a number of American companies to return to the Russian market in the second quarter of 2025.

When asked to comment on the statement, and whether sanctions relief was discussed at the talks in the interview on Sunday, Witkoff said the subject did not come up.

“There would be an expectation that if we get to a peace deal, that you would be able to have American companies come back and do business there,” the diplomat said.

“And I think that everybody would believe that that would be a positive, good thing to happen,” he added

Following the escalation of the Ukraine conflict in 2022, the West imposed an unprecedented slew of sanctions on Russia, aimed at toppling its economy and forcing Moscow to end its military operation. The sanctions, coupled with Russian countersanctions, led to a mass exodus of US and other Western firms from Russia.

Speaking to Reuters last week, Dmitriev warned that Russian companies have already filled several market niches formerly held by US firms, which is why “the return process for American companies will not be easy”.

According to the CEO, RDIF data suggests that US companies have racked up more than $300 billion in losses from leaving the Russian market.

The Trump administration is working with both Kiev and Moscow to bring an end to the Ukraine conflict, White House Press Secretary Karoline Leavitt said on Saturday. The US president is “very confident” that he can strike a ceasefire deal “this week,” the spokesperson said.

Speaking to reporters last week, Putin noted that while he is looking forward to speaking to Trump again, simply meeting would “not be enough.”

Finding a compromise that suits both sides “is not an easy task,” the Russian president said.