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

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.”