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AmCham chief says US businesses await peace deal and sanctions relief before returning to Russia

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American businesses are waiting for a peace agreement and the lifting of sanctions before committing to a broader return to the Russian market, according to Robert Agee, president and chief executive of the American Chamber of Commerce in Russia (AmCham).

In an interview with Russian business daily Vedomosti on the sidelines of the St. Petersburg International Economic Forum, Agee discussed prospects for restoring trade and economic ties between Russia and the United States.

Agee said that since February 2025, discussions have frequently focused on both a potential US mediating role in resolving the Ukraine conflict and a possible timeline for the return of American companies to Russia.

Referring to expectations that diplomatic negotiations and efforts to revive bilateral economic relations could proceed simultaneously, Agee said that despite the passage of time, neither track had produced a significant breakthrough.

The AmCham chief attributed the lack of progress to domestic and foreign policy dynamics within the United States and said American companies were now concentrating primarily on the eventual resolution of the conflict.

While describing efforts to repair economic ties as slow but steady, Agee identified the absence of a peace agreement as the principal obstacle.

“The biggest problem is that no agreement has yet been reached to resolve the conflict in Ukraine,” he said. “As a result, all US sanctions packages remain in force. We have repeatedly pushed for the removal of certain sanctions. Although I believe the new administration in Washington wants to improve relations with Russia, particularly from a trade, economic and business perspective, the continuing conflict has prevented any major breakthrough.”

‘President Trump wants to ease sanctions pressure wherever legally possible’

Addressing the future of sanctions and their impact on economic relations, Agee noted that restrictions differ according to their legal basis.

He said sanctions imposed through presidential executive orders could be eased much more quickly than those enacted through legislation.

“There are different types of sanctions. Some were introduced through presidential executive orders. Those could be removed tomorrow,” Agee said. “For example, the investment ban imposed by former US President Joe Biden. We believe that decision was entirely wrong, particularly for American business. On the other hand, there are sanctions approved by Congress, and those will be much more difficult to remove. Once the conflict ends, we know that President Donald Trump and his administration intend to reduce sanctions pressure to the maximum extent legally possible.”

Agee said the American Chamber of Commerce remained the only organisation directly advocating before US authorities for sanctions relief on behalf of American businesses.

“Companies pursue these requests exclusively through us, through the American Chamber of Commerce,” he said. “We are the only organisation trying to persuade the US government to lift certain sanctions. Our immediate priority is the removal of the investment ban. We are closely focused on sectors such as cosmetics and civil aviation. We are trying to convince the US government that sanctions in these areas can and should be eased even before the conflict is fully resolved.”

‘Russia has enormous potential to help our companies overcome global challenges’

Discussing sectors that would benefit most from renewed commercial ties, Agee said the opportunities available in Russia remained strategically important for American firms.

He pointed to Russia’s role in global supply chains and its potential contribution to addressing economic challenges.

“Russia has enormous potential to help our companies overcome many of today’s global challenges,” Agee said. “That applies both to high energy prices and to the fertiliser sector. Russia is one of the world’s largest fertiliser producers. These and similar products could easily be exported to the United States.”

He added that numerous American technology and aviation companies were closely monitoring developments.

“These are companies that previously operated here and were forced to leave. They did not want to leave. That is why they are now looking for opportunities to resume their business activities.”

Agee said future economic relations would extend beyond trade and include large-scale investment projects.

Noting that American companies had invested more than $100 billion in Russia in previous years, he said investment had traditionally formed the foundation of US economic engagement with the country.

“I think relations will develop both in terms of trade and joint projects,” he said. “But the core US approach to economic relations with Russia has always been investment. Our companies invested more than $100 billion in the Russian economy over many years.”

Some US companies chose to remain in Russia and continue operating successfully, he added, maintaining factories and employing tens of thousands of workers.

“I believe energy companies will be first in line when it comes to new investment in the Russian economy,” Agee said. “Another important area for potential cooperation and investment is the space sector. I believe there is literally trillions of dollars in potential in that field.”

‘President Trump would welcome new investment from Russia’

Asked whether the US market remained open to Russian capital, Agee said the Trump administration generally welcomed foreign investment.

Recalling previous investment projects in the aluminium and fertiliser sectors, he said opportunities for Russian investors continued to exist.

“I think the US market is open to Russian investment and would welcome it,” Agee said. “There were investment projects in aluminium and fertilisers in the past. Opportunities remain. It is difficult to judge how prepared Russian investors are given sanctions-related risks, but in general I can say that the Trump administration would welcome new investment from Russia.”

Agee said American companies were prepared to return if restrictions were eased, even if sanctions were not completely removed.

He stressed that each company would make decisions based on its own risk assessments.

“I know several companies that are ready to return to Russia and restart operations at the first opportunity,” he said. “The critical factor is ensuring that these initial returns are successful. The first companies to come back will demonstrate that everything is functioning normally, and that will encourage others to follow.”

He added that the process would not begin overnight, as technical specifications and legal documentation would first need to be prepared.

“Based on information available to me, discussions on these issues are already taking place.”

Agee also identified data centres as one of the most promising future investment areas, citing Russia’s abundant electricity supplies, cold climate and highly skilled information technology workforce.

“In my personal view, one of the most promising sectors is data centres,” he said. “These facilities require cheap electricity, which Russia has in abundance, a cold climate and a well-trained IT workforce. Russia possesses all of these advantages. I believe this sector has a very strong future, but sanctions must first be removed. After that, developments could move quickly.”

‘Commercial dialogue has become much easier under Trump’

Agee said AmCham maintained productive relations with both Russian and American authorities and continued to serve as a bridge between the two countries.

Comparing the administrations of Joe Biden and Donald Trump, he argued that maintaining commercial dialogue had become significantly easier.

“We have excellent relations with both sides,” he said. “Together with Kirill Dmitriev, head of the Russian Direct Investment Fund, we serve as the only commercial bridge between Russia and the United States. It was much more difficult to preserve that bridge under the Biden administration, but the process has become much easier under President Trump.”

According to Agee, the Trump administration has demonstrated a strong commitment to improving economic dialogue with Russia.

“Today we see two channels of dialogue functioning simultaneously, both cultural and commercial,” he said. “Maintaining communication is the most important element. Under Biden, almost no channels of communication remained open. Now we are moving in the right direction and are also conducting very active cooperation with the Russian government.”

Agee argued that the priorities of the current US administration align closely with the interests of American businesses and said broader geopolitical developments were reinforcing the logic of closer economic cooperation.

He pointed to instability in the Middle East and risks to global shipping routes as factors strengthening the case for partnership.

“The administration’s priorities and the interests of business are fully aligned,” he said. “I think recent developments in the Strait of Hormuz have once again convinced Washington that Russia and the United States are natural partners. America needs what Russia has, and the same is true in reverse. America possesses technologies and products that Russia wants to buy. This is a relationship of genuine interdependence.”

As the world watches tensions escalate in the Middle East, he added, the rationale for deeper economic cooperation between Russia and the United States has become increasingly persuasive.

Concluding the interview, Agee highlighted the importance of easing visa procedures and restoring diplomatic missions between the two countries.

He said overcoming travel barriers was essential to reviving commercial ties.

“This is an extremely relevant issue that we raise constantly,” Agee said. “In the past there was at least a common understanding that diplomatic visas should be addressed first and that consulates should resume operations. We will continue recommending in both Washington and Moscow that this issue be resolved as quickly as possible. Solving it would greatly benefit the business community. We remain hopeful.”

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Valdai Forum debates superpower survival amid global anarchy

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The survival strategies of superpowers were addressed at a meeting of the Valdai Discussion Club held in Russia.

Speaking at a session titled “Geopolitical Re-division: Power as a Guarantee of Peace or a Pledge of War”, John Mearsheimer, Professor of Political Science at the University of Chicago, argued that the best way for superpowers such as Russia, China, and the US to sustain their existence under conditions of international anarchy is to increase their military and economic power.

During the session, Mearsheimer drew attention to the fact that the fundamental priority for every state is survival.

Stating that there is no higher authority in the international system, Mearsheimer made the following assessment:

“Every state wants to survive, because survival is the number one goal. Let me conclude by returning to my main point: never forget that you operate under conditions of international anarchy, meaning there is no ultimate authority. The moment you recognise this reality, you realise that the best way to survive is to maximise your relative power. The concept of relative power is synonymous with the balance of power. If there is a great power in the system, the balance of power assumes immense importance; because power is the key to survival.”

Expressing that only three true great powers exist in the world, Mearsheimer listed these countries as the US, China, and Russia.

Stating that India is not included in this category because it lacks sufficient economic wealth despite its massive population, the professor noted that a large population and substantial economic resources form the foundation of military power.

Stating that the competition between the US and China continues not only in the military sphere but also in the field of technology, Mearsheimer emphasized that the race in artificial intelligence and other advanced technologies determines both wealth and military capacity in today’s world.

Dmitriy Trenin, Research Supervisor at the Institute of World Military Economics and Strategy at the Higher School of Economics (HSE) and President of the Russian International Affairs Council (RIAC), also stated during the discussion that Russia must preserve its great power identity, otherwise it will not be able to survive.

Pointing to the question of whether the US can maintain its global leadership, Trenin said that the future of all humanity could depend on this balance.

Expressing that the concepts of power and survival carry a distinctive relationship, Trenin conveyed that theories in Western political science do not fully align with the reality in Russia. Touching upon his country’s past, Trenin said, “Russia faced an existential survival risk twice in less than 100 years. The state collapsed first in 1917, and then in 1991. There is no guarantee that it will not collapse once more.”

Trenin recalled that although the Soviet military was at the peak of its power in 1991, this military might failed to save the USSR from dissolving.

Emphasizing that might does not consist solely of military force, Trenin brought up lines by the poet Aleksandr Pushkin depicting the struggle between gold and steel.

Trenin also cited the saying, “A donkey laden with gold can conquer any fortress.” The Russian analyst concluded that the country’s survival depends on Russia’s own internal dynamics and domestic condition, rather than on relations established with other states.

Alastair Crooke, a British diplomat and founding director of the non-governmental organisation Conflicts Forum, argued at the session that military force constitutes only one dimension of influence.

Citing the Palestinians as an example, Crooke expressed that the people sacrifice their lives for the sake of their own civilisational idea, way of life, and worldview.

The diplomat stated that even without substantial military power, Palestinians rally support in their struggles for sovereignty by relying on different elements of power, rather than merely on the number of tanks, money, or fighter jets.

Stating that a system of a “concert of powers” reflecting a compromise between civilisations could emerge in the future, Crooke expressed that in this order, states would preserve their sovereignty and would not abandon their own native civilisations.

The British diplomat said that old international structures, including the existing United Nations mechanism, must definitely be transformed.

Earlier, an analysis in Politico reported that US President Donald Trump sought to develop relations with Russia in order to prevent the construction of a Beijing-led global order.

Trump, for his part, expressed that Washington and Beijing could achieve great things together, and described President Xi Jinping as a “great leader” following his official visit to China.

Zheng Yongnian, Dean of the School of Public Policy at the Chinese University of Hong Kong, emphasized that despite its relative decline, the US maintains its global hegemony, and that underestimating Washington would produce a fatal mistake.

US Secretary of State Marco Rubio also characterised China as the greatest geopolitical challenge for his country, but noted that relations with Beijing constitute one of the most critical portfolios for Washington.

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Mearsheimer says Trump seeks Ukraine peace but lacks diplomacy skills

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Simultaneously with contacts conducted by US President Donald Trump’s representatives Steven Witkoff and Jared Kushner, a delegation of prominent American political scientists visited Moscow.

Professor John Mearsheimer, a faculty member at the University of Chicago who took part in the delegation, answered questions from the Russian daily Kommersant on the sidelines of a round-table meeting jointly organised by the Russian Council on Foreign and Defence Policy and the Higher School of Economics.

Mearsheimer said that while the Washington administration possesses the potential to play a constructive role in ending the war in Ukraine, it has not yet translated this capacity into action.

Stating that an American effort to encourage the Kyiv administration to reach a compromise with Russia and halt the war would make a positive contribution, the political scientist said: “Having potential is one thing, realising it is another matter. In this sense, the US has not yet used its potential and has not taken noteworthy steps that would contribute to ending the war in Ukraine.”

Evaluating Trump’s dispatch of negotiators Witkoff and Kushner to Moscow and Kyiv over the weekend, Mearsheimer emphasised that the American president is maintaining his efforts.

Recalling that the representatives had previously travelled to the Russian capital, the professor offered the following assessment:

“Trump is striving to achieve progress. The fact that he sent Witkoff and Kushner back to both capitals, despite having failed in the past, shows that he has not abandoned this objective. Yet at this stage, I see no concrete reason to believe these initiatives will succeed. There is no ground to think that Witkoff and Kushner have developed a magic formula that will end the war in Ukraine.”

Mearsheimer also addressed the motivation underlying Trump’s desire to end the conflict. Stating that the US president definitely wants to stop the war, the political scientist noted that Trump wants to be recognised as a peacemaker and receive the Nobel Peace Prize.

Arguing that Trump, who regards ending the war as serving American interests, is inexperienced in diplomacy, Mearsheimer remarked: “He does not know how to resolve this extremely complex problem. When his novice diplomacy combines with an issue of such intricacy, it is not surprising that he cannot make progress.”

Stating that although Trump previously described the conflict frequently as “Biden’s war”, the present picture shares out responsibility, Mearsheimer said that the conflict has now become Trump’s war.

Pointing out that the US administration continues weapons supplies via Europe, intelligence sharing including for strikes targeting Russian territory, and satellite internet support, the political scientist said:

“Before Trump returned to the White House in January 2025, this was Biden’s war. But when he became US president and could not end the war, this conflict turned into his own war. It is clear that the US continues its support by providing direct intelligence and indirectly giving the Europeans weapons to be transferred to Ukraine. Therefore, the US, and President Trump in particular, continue to provide support to Ukraine and contribute to the continuation of the war.”

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Russia aids Iran in covert supersonic cruise missile project, FT says

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According to a report by the Financial Times (FT), Russia is assisting Iran in developing advanced supersonic cruise missiles through a covert programme.

The multi-year secret collaboration, described as one of the most comprehensive strategic military technology transfers between Moscow and Tehran, reportedly bears the codename “C430L”.

Based on an examination of leaked correspondence, travel records, and military patents, the report stated that the programme, which began in 2023, continued during the war waged against Iran by the US and Israel.

Under the programme, experienced Russian missile specialists were reported to have supported Iran in developing a new class of weapons capable of threatening US aircraft carriers and warships in the Middle East.

Ramjet technology aimed at breaching air defence systems

According to the report, the primary objective of the C430L programme is to assist Iran in developing a ramjet propulsion system that enables a cruise missile to fly at several times the speed of sound.

Military experts point out that the technology in question is designed for use in anti-ship and land-attack cruise missiles.

Fabian Hinz, an expert at the UK-based arms monitoring group Conflict Armament Research, emphasised that this strategic transfer, which the Iranians have sought to obtain for decades, would require approval at the highest political level in Russia.

Jim Lamson, an expert at the James Martin Center for Nonproliferation Studies and a former CIA analyst, stated that this system would provide Iran with a new strategic weapon capable of threatening US naval assets.

Supersonic cruise missiles combine high speed with low-altitude flight capabilities, narrowing the time available for advanced air defence systems to detect and intercept the missile. This represents a strategic advantage for the Tehran government along the Persian Gulf line, where the US and its regional allies possess land- and sea-based defence systems.

The report noted that while Iran had built the ramjet system and conducted flight tests, there was no concrete evidence that a Russian-backed supersonic missile had yet been deployed in the field.

State enterprises and chief engineers involved

The supersonic missile assistance programme is reportedly coordinated by Russia’s state-owned arms export company Rosoboronexport, with the project being executed alongside NPO Mashinostroyenia.

NPO Mashinostroyenia, which was placed on the US sanctions list in 2014, is known for its work on cruise missile systems launched from ships, submarines, and land platforms, as well as Russia’s nuclear forces comprising intercontinental ballistic missiles.

Leaked travel records show that senior Russian engineers and export officials travelled to Iran multiple times before a contract was signed with Iran’s Ministry of Defence and Armed Forces Logistics in November 2023.

These figures include Aleksandr Dergachev, chief designer of naval missiles at NPO Mashinostroyenia; Aleksander Chebakov, a ramjet specialist; Yuri Prokhorchuk, head of the aerodynamics department; and Vladislav Kuzmichev, head of the Defence Technologies and Space Department at Rosoboronexport.

The documents indicate that by 2025, the company had received extensive Iranian technical materials regarding the ramjet propulsion system, analysed telemetry data obtained from a flight test, and submitted detailed queries to Tehran on topics including the fuel system, combustion stability, and the air intake.

In April 2025, Rosoboronexport proposed sending a delegation of around twenty experts to Iran for technical consultations.

Military cooperation between the two countries deepens

The programme is regarded as part of a deepening military partnership between Tehran and Moscow. Iran had previously supplied Shahed-type armed unmanned aerial vehicles used by Russia in the Ukraine war and assisted in their production within Russia.

Western officials also accuse Russia of providing satellite imagery and weapon components to Iran during the ongoing hostilities with the US and Israel.

The report recalled that Russian President Vladimir Putin, during his meeting with Iranian President Masoud Pezeshkian in Kyrgyzstan, said Moscow was “striving to provide the necessary aid and goods in this difficult period”.

Nicole Grajewski of Sciences Po University in Paris stated that the covert ramjet programme demonstrated “Russia’s effort to widen the war in Ukraine and draw the US to different fronts”, noting that Moscow no longer attached as much importance to regional red lines as it once did.

Leaked correspondence reveals that the C430L programme continued into 2026, with the parties continuing to negotiate technical reports and the next phase of the development process.

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