Reuters
(Washington, DC / Moscow, Russia) – Russia has appeared to confirm the existence of a sweeping U.S.–Russia economic proposal reportedly worth as much as $12 trillion — a framework first publicly disclosed by Ukrainian President Volodymyr Zelensky earlier this month.
Speaking on Feb. 6, Zelensky said Ukrainian intelligence had briefed him on what he described as the so-called “Dmitriev package,” a large-scale economic cooperation plan presented to U.S. officials.
“Intelligence showed me the so-called ‘Dmitriev package’ that he presented in the U.S. — it amounts to around $12 trillion,” Zelensky said in Kyiv.
The proposal is reportedly linked to Kirill Dmitriev, head of Russia’s sovereign wealth fund and an envoy who has maintained engagement with senior U.S. officials, including Special Envoy Steve Witkoff. The White House has declined to confirm the existence of the proposal.
What Russia Is Reportedly Seeking
According to Bloomberg, citing an internal Russian memo, Moscow is seeking a broad economic partnership with Washington as part of a potential arrangement connected to ending the war in Ukraine.
At the center of the proposal is Russia’s desire to regain access to dollar-based settlements — a key demand after U.S. sanctions effectively restricted its access to the global financial system.
The memo reportedly outlines seven potential areas of cooperation, including:
Restoration of dollar payment transactions
Long-term contracts for American aircraft to modernize Russia’s commercial fleet
Joint ventures in hard-to-recover oil extraction
Cooperation in liquefied natural gas (LNG) production
Expanded nuclear energy collaboration
Mining projects involving lithium, copper, nickel, and platinum
Preferential treatment for U.S. companies returning to Russia’s market
Russia is also said to be open to factoring in previous American investments and contributing to compensation for Western firms that exited after Moscow’s full-scale invasion of Ukraine.
The plan further envisions joint efforts to promote fossil fuels globally as an alternative to climate-focused “green” energy policies.
Kremlin’s Carefully Worded Response
On Feb. 13, Kremlin spokesperson Dmitry Peskov did not deny the existence of such discussions.
“This Bloomberg article explains something that is quite obvious,” Peskov said. “Of course, we are offering cooperation. Of course, companies from both countries are potentially interested in this cooperation — so there you have joint ventures.”
Peskov added that Russia did not reject the dollar — rather, the United States imposed restrictions limiting its use.
The statement marks Moscow’s first public acknowledgment that economic cooperation proposals are under discussion, even as the White House has repeatedly declined to confirm any such talks.
A Reversal on the Dollar?
Russia’s reported push to restore dollar-based settlements stands out as particularly notable given past rhetoric from President Vladimir Putin.
Putin has previously criticized U.S. sanctions and warned that Washington’s reliance on financial penalties would weaken the dollar’s global dominance. Since 2022, Russia has pursued “de-dollarization,” expanding settlements in national currencies with countries such as China and India and promoting financial alternatives within the BRICS bloc.
In January 2025, U.S. President Donald Trump warned that BRICS nations could face 100% tariffs if they attempt to replace the dollar in global trade.
A renewed embrace of dollar transactions would represent a significant shift in Moscow’s recent financial strategy.
Ukraine as Leverage
Taken together, the reported “Dmitriev package” suggests Russia may be linking progress on Ukraine not only to territorial or political demands, but also to a broader economic reset with the United States.
If confirmed, the proposal would indicate that Moscow sees the war not just as a military conflict, but as leverage in negotiations over sanctions relief, global finance, and long-term economic cooperation.
Neither Washington nor Moscow has released formal documentation of the alleged framework. The discussions, if ongoing, remain behind closed doors.
