U.S. Reviews Sanctions Relief for Russian Investment Fund

The Trump administration is reviewing an application to remove sanctions on Russia’s sovereign wealth fund, the Russian Direct Investment Fund, but has not announced a decision. A U.S. official said the review is proceeding through established procedures as part of efforts to improve relations with Moscow and help end the war in Ukraine. The fund, commonly known as RDIF, is a government-backed investment vehicle that has invested in Russian companies and international partnerships. The Biden administration imposed sanctions on it in 2022, days after Russia invaded Ukraine. The restrictions remain in place. People familiar with negotiations said Russian officials have pressed for sanctions relief in connection with RDIF’s role in Russian diesel shipments to the United States. The reported request links the fund’s sanctions status to fuel trade, though the extent of its involvement and any connection between the shipment arrangements and a possible policy decision remain unsettled. President Donald Trump said on October 9 that Russia had agreed to supply diesel to U.S. and global markets. The Treasury Department’s existing authorization reportedly permits the relevant diesel...