Latest news with #Dmitriev
The National
4 days ago
- Business
- The National
Putin ready to help bring end to Israel-Iran conflict, Russia's sovereign fund chief says
Russia 's President Vladimir Putin is open to playing his part in any US-led regional mediation between Israel and Iran, the head of Russia's sovereign wealth fund said on Thursday. 'I think it's very important, the next three to five days will be very decisive,' Kirill Dmitriev, chief executive of the Russian Direct Investment Fund, told The National on the sidelines of the St Petersburg International Economic Forum. 'Russia, as President Putin mentioned, is willing to be very helpful in this very important [matter] for the world situation.' This message from Mr Dmitriev − who has been at the helm of the state-controlled investment vehicle since its inception in 2011 − comes as the US contemplates joining Israel in strikes on Iran's military and nuclear assets. The conflict that began last week has roiled energy markets and sent jitters through financial investors, who are closely watching Washington's next move. US President Donald Trump has said he 'may' or 'may not' choose to carry out strikes on targets in Iran. Iran and Russia have deep historical ties, both economic and defensive, but the Kremlin's relationship with Tehran in recent years has centred mostly around Iranian drone production for the Russian war in Ukraine. The two sides are also regularly engaged in discussions on Opec+ oil output caps. Impact on oil markets 'If you look at [the crisis] simply economically, we could see significant spike in oil prices, which, you know, may be good in the short term,' Mr Dmitriev said. However, Russia, he added has always been an advocate of stable oil prices, he added. 'Because this is good for investments, for consumers and for producers. So again, we'll see. I think in the past we had experience where Russia, the US and Saudi Arabia jointly acted to stabilise oil prices, we will see if that is needed or not,' he said. 'Trump understands Putin' Mr Dmitriev is no stranger to Russian diplomatic efforts. Most recently, he attended talks in Riyadh in March, alongside Russian Foreign Minister Sergey Lavrov. Discussions were held with a US team including Secretary of State Marco Rubio, special envoy to the Middle East Steve Witkoff, and the then national security adviser Mike Waltz. 'President Trump … really understands how President Putin thinks, what the options are,' Mr Dmitriev said. 'The direct negotiations between Russia and Ukraine are the result of President Trump and his team pushing for direct discussions. 'I think also we see some recognition from the Trump administration that US sanctions have been negatively affecting US businesses.' Sanctions 'not way forward' With Russia now facing a possible 18th round of economic sanctions from Europe and further US sanctions expected from the Senate in July, Mr Dmitriev said that in the White House, at least, there is a growing understanding that the current financial tools do not work. 'For example, are you really going to have a 500 per cent tariff on one nation if you stabilise tariffs with some of the key nations? Most people don't think it's realistic,' Mr Dmitriev said.
Straits Times
4 days ago
- Business
- Straits Times
Russia's Dmitriev says Russia, US and Saudi Arabia could act jointly to stabilise oil markets
FILE PHOTO: Head of the Russian Direct Investment Fund Kirill Dmitriev attends a military parade on Victory Day, marking the 80th anniversary of the victory over Nazi Germany in World War Two, in Red Square in central Moscow, Russia, May 9, 2025. REUTERS/Maxim Shemetov/File Photo Crude oil tanker SCF Surgut, owned by Russia's leading tanker group Sovcomflot, transits the Bosphorus in Istanbul, Turkey, April 4, 2024. REUTERS/Yoruk Isik Russia's Dmitriev says Russia, US and Saudi Arabia could act jointly to stabilise oil markets ST PETERSBURG - Russia, the United States and Saudi Arabia could act jointly to stabilise oil markets if needed, Russia's investment envoy Kirill Dmitriev told Reuters. Oil prices surged on Thursday after Israel said it attacked Iranian nuclear sites in Natanz and Arak overnight and as investors grappled with fears of a broader conflict in the Middle East that could disrupt crude supplies. Dmitriev, chief of Russia's sovereign wealth fund, said there was a precedent for similar joint action in 2020. "There was an example when (Russian) President Putin, (U.S.) President Trump and (Saudi) Crown Prince Mohammed bin Salman played a key role in stabilising markets," Dmitriev said on the sidelines of the St Petersburg International Economic Forum. "It is early to talk about concrete joint action yet but based on an earlier precedent, such action is possible." In the spring of 2020, as oil prices plummeted amid the COVID-19 pandemic, Trump brokered a deal with top crude producers Russia and Saudi Arabia to cut output and calm the markets. "Events in the Middle East create conditions for oil price rises. The dynamics of these events will define how dramatic this rise will be," Dmitriev said. "The dynamics of such rises sharply reduce the possibility of further restrictions on Russia's energy sector," he said, referring to European Union deliberations on tightening sanctions against Moscow. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Time of India
4 days ago
- Business
- Time of India
Russia's Dmitriev says Russia, US and Saudi Arabia could act jointly to stabilise oil markets
The United States and Saudi Arabia could act jointly to stabilise oil markets if needed, Russia's investment envoy Kirill Dmitriev told Reuters. Oil prices surged on Thursday after Israel said it attacked Iranian nuclear sites in Natanz and Arak overnight and as investors grappled with fears of a broader conflict in the Middle East that could disrupt crude supplies. Dmitriev, chief of Russia's sovereign wealth fund, said there was a precedent for similar joint action in 2020. "There was an example when (Russian) President Putin, (U.S.) President Trump and (Saudi) Crown Prince Mohammed bin Salman played a key role in stabilising markets," Dmitriev said on the sidelines of the St Petersburg International Economic Forum. "It is early to talk about concrete joint action yet but based on an earlier precedent, such action is possible." Live Events In the spring of 2020, as oil prices plummeted amid the COVID-19 pandemic, Trump brokered a deal with top crude producers Russia and Saudi Arabia to cut output and calm the markets. "Events in the Middle East create conditions for oil price rises. The dynamics of these events will define how dramatic this rise will be," Dmitriev said.
Yahoo
4 days ago
- Business
- Yahoo
Exclusive-Russia's Dmitriev says Russia, US and Saudi Arabia could act jointly to stabilise oil markets
By Gleb Bryanski ST PETERSBURG (Reuters) -Russia, the United States and Saudi Arabia could act jointly to stabilise oil markets if needed, Russia's investment envoy Kirill Dmitriev told Reuters. Oil prices surged on Thursday after Israel said it attacked Iranian nuclear sites in Natanz and Arak overnight and as investors grappled with fears of a broader conflict in the Middle East that could disrupt crude supplies. Dmitriev, chief of Russia's sovereign wealth fund, said there was a precedent for similar joint action in 2020. "There was an example when (Russian) President Putin, (U.S.) President Trump and (Saudi) Crown Prince Mohammed bin Salman played a key role in stabilising markets," Dmitriev said on the sidelines of the St Petersburg International Economic Forum. "It is early to talk about concrete joint action yet but based on an earlier precedent, such action is possible." In the spring of 2020, as oil prices plummeted amid the COVID-19 pandemic, Trump brokered a deal with top crude producers Russia and Saudi Arabia to cut output and calm the markets. "Events in the Middle East create conditions for oil price rises. The dynamics of these events will define how dramatic this rise will be," Dmitriev said. "The dynamics of such rises sharply reduce the possibility of further restrictions on Russia's energy sector," he said, referring to European Union deliberations on tightening sanctions against Moscow.
Middle East Eye
16-06-2025
- Politics
- Middle East Eye
Russia's Dmitriev says Moscow can play 'key role' in mediating Israel-Iran conflict
Russia's investment envoy Kirill Dmitriev said in a post on X on Sunday that Russia can play "a key role" in mediating the conflict between Israel and Iran. Dmitriev was responding to a post by US President Donald Trump in which he said he had spoken to Russian President Vladimir Putin about the conflict.
