Russia and the US discussed joint energy projects in the Arctic, - Politico.

Russia and the US are discussing joint energy projects in the Arctic

A representative of Russia reported that Russia and the US are discussing the possibility of joint energy projects in the Arctic following negotiations in Saudi Arabia.

The head of the Russian Direct Investment Fund, Kirill Dmitriev, stated that the economic negotiations were of a general nature, but the parties discussed 'specific areas of cooperation', including joint projects in the Arctic.

The negotiations took place on Tuesday in Riyadh, and this was the first meeting of representatives from Russia and the US after a phone conversation between Trump and Putin.

On the Russian side, Lavrov and Ushakov participated in the negotiations, while the American delegation was led by Rubio, accompanied by Woltz and Witcoff.

According to Dmitriev, the Russian Direct Investment Fund assesses the losses of American businesses due to their exit from Russia after the invasion of Ukraine in 2022 at 300 billion dollars. 'There is an understanding that the poor relations between Russia and the US are indeed costly for American businesses', he noted.

Previously, ExxonMobil collaborated with Rosneft in hydrocarbon exploration in the Arctic but exited the projects in 2018 due to sanctions.

The parties agreed to create working groups and maintain regular high-level contacts. No further meetings are currently scheduled.